BlackRock and Fidelity Lead Ethereum ETF Outflows

• Ethereum ETFs Report $422 Million in Outflows
• BlackRock, Fidelity, and Grayscale Reduce ETH Holdings
• ETH loses gains and retreats to around $4.100

Ethereum ETFs saw net outflows of $422 million on August 19, marking the third consecutive day of losses, according to data from SoSoValue This movement represented the second largest daily withdrawal since the launch of the funds, indicating a significant shift in capital flows.

Fidelity led the way in outflows, with $156 million, followed by Grayscale, which withdrew $122 million, plus another $89 million in other offerings. Bitwise recorded withdrawals of $40 million, while issuers such as BlackRock, Franklin Templeton, and Invesco saw smaller withdrawals, ranging from $3 million to $6 million.

Over the past three days, the funds have lost approximately $678 million, reversing the positive trend seen earlier in the month. Data from Arkham Intelligence shows that BlackRock, Fidelity, and Grayscale have sold significant ETH holdings, totaling up to $160 million.

This move comes amid ETH's loss of strength, which has failed to sustain recent gains. Currently, the asset is trading near $4.180, down 1,5% in the last 24 hours and with a weekly retracement of over 10%. The pullback brought the price to a support zone around the 20-day EMA ($4.135), after reaching highs above $4.700 earlier in the month.

While the long-term picture still indicates a positive bias, with the 50-, 100-, and 200-day moving averages trending upward, short-term momentum has weakened. The RSI has fallen to 54, signaling an exit from overbought territory and reduced buying pressure.

Currently, Ethereum ETFs still control over 6,3 million ETH, which corresponds to about 5% of the circulating supply, valued at nearly $26 billion. However, if the ETH price fails to hold above critical support levels, ETF outflows could intensify, increasing selling pressure in the market.