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By Omkar Godbole, Helene Braun|Edited by Aoyon Ashraf, Stephen Alpher
Feb 4, 2025, 4:12 p.m. UTC
What to know:
- Centralized exchanges registered a net outflow of $1 billion ether on Monday.
- The outflow is the highest single-day exodus in over a year.
- Ether’s price crashed almost to $2,000 on some exchanges.
Ether, the second-largest cryptocurrency by market value, crashed hard Monday as prospects of a U.S.-led trade war weighed on risk assets. Data shows investors likely bought the dip, snapping up coins at lower prices.
According to analytics firm IntoTheBlock, ether worth almost $1 billion left centralized exchanges Monday, the highest single-day net outflow since January 2024. “This indicates traders took advantage of the drop to accumulate ETH,” IntoTheBlock said in a Telegram broadcast.
STORY CONTINUES BELOW
Ether’s price crashed as low as nearly $2,000 on some exchanges as market liquidity deteriorated and dealers scrambled to offload futures. While prices have recovered to $2,800, sentiment remains bearish, with data from UltraSound.Money, pointing to an unwinding of the Merge’s deflationary effect on ETH.
Ether exchange-traded funds (ETFs) experienced record trading volume on Monday amid a volatile day in markets after President Donald Trump imposed and then paused tariffs on Canada and Mexico.
Traders moved around $1.5 billion worth of shares of the nine ETFs, Bloomberg data shows. Half of that volume was captured by BlackRock’s iShares Ethereum Trust (ETHA).
Overall flows, however, weren’t out of the norm. According to Farside Investors, the ETFs attracted $83.6 million of net inflows on Monday, with the majority of it going into Fidelity’s Ethereum Fund (FETH). ETHA, still the largest fund out of the nine ETFs, saw no net inflows on Monday.
Late in the U.S. day, Eric Trump, the son of President Donald Trump, encouraged his followers on X to add more ether, claiming it is a good time to buy. The tweet added to the already crazy volatility of the day, with ETH’s price spiking to nearly $2,900. At press time, ETH was changing hands at $2,780, ahead 3.5% from 24 hours prior.
Omkar Godbole is a Co-Managing Editor on CoinDesk’s Markets team based in Mumbai, holds a masters degree in Finance and a Chartered Market Technician (CMT) member. Omkar previously worked at FXStreet, writing research on currency markets and as fundamental analyst at currency and commodities desk at Mumbai-based brokerage houses. Omkar holds small amounts of bitcoin, ether, BitTorrent, tron and dot.
Helene is a New York-based news reporter at CoinDesk, covering news about Wall Street, the rise of the spot bitcoin exchange-traded funds (ETFs) and updates on crypto exchanges. She is also the co-host of CoinDesk’s Markets Daily show on Spotify and Youtube. Helene is a recent graduate of New York University’s business and economic reporting program and has appeared on CBS News, YahooFinance and Nasdaq TradeTalks. She holds BTC and ETH.
