Ethereum's price has dropped by 1.99% today, currently trading at $3,292.63, after reaching a high of $3,420.52 earlier in the day. This decline comes amid significant sales of Ethereum by the Interchain Foundation, which offloaded 3,000 ETH worth approximately $10.16 million in the last hour. These sales are part of a broader trend, with the foundation having sold a total of 21,600 ETH since April. The market is closely watching these moves, as they have raised concerns about the potential impact on Ethereum's price stability. Despite these sales, Ethereum's network continues to attract interest due to its recent updates and transition to a Proof-of-Stake system, which has improved scalability and security.
Additionally, Ethereum ETFs have experienced a net outflow of $9 million, contrasting with the strong inflows into Bitcoin ETFs, which saw $1.05 billion in net investments. This divergence highlights a shift in investor focus towards Bitcoin, possibly due to its recent price surge nearing $100,000. Nate Geraci, President of The ETF Store, noted that the substantial inflows into Bitcoin ETFs underscore Bitcoin's growing acceptance as a robust asset class. Meanwhile, Ethereum's market performance remains under pressure, with its annual gain reduced from over 50% to 33% due to recent fluctuations.