ETH Slides 3.44% to $3,576 Amid ETF Outflows, Yet Bullish Sentiment Persists on Strong Volume

Ethereum (ETHUSDT) experienced a 3.44% price decline over the past 24 hours, with the current price at $3,576.47 according to Binance. This drop is primarily attributed to heightened market volatility, ongoing consolidation after a recent correction from highs near $3,940, and persistent selling pressure as indicated by a low taker buy/sell ratio in futures markets. Additional factors include significant ETF outflows earlier in the week, such as a $152.3 million net outflow from U.S. spot Ethereum ETFs on August 1, and a $465 million outflow over the weekend, despite continued institutional inflows and whale accumulation.

Trading volume remains robust, with approximately $30.84 billion reported in the last 24 hours, and Ethereum maintains a strong market capitalization near $431 billion. Despite the recent price dip, overall sentiment remains bullish, supported by substantial institutional ETF inflows in July and ongoing regulatory developments that have encouraged increased participation.