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Red alert for Ethereum as spot ETFs shed $455m in recent weeks

Ethereum sits at a crucial support level as demand for spot exchange-traded funds wanes on Wall Street.

Ethereum eth-6.17%Ethereum, the second-biggest crypto, has stagnated at $2,100 in the past few days. This price is about 47% below the highest level in December and 45% lower than where it was in the same period last year. 

Data shows that Wall Street investors have continued to dump assets. According to SoSoValue, all Ethereum ETFs shed $120 million in assets last week after losing $335 million a week earlier — $455 million in total.

The net inflow in these Ethereum ETFs is $2.7 billion, much lower than Bitcoin’s (BTC) $37 billion.