Ethereum Treasury Stocks Slide as ETH ETF Outflows Hit $579M

Ethereum treasury stocks extended their declines this week as ETH lost momentum and institutional fund flows weakened. BitMine fell toward $24, while SharpLink traded around $8.81 after both stocks retreated from September highs.

The declines coincided with Ethereum falling from above $2,800 toward the $2,400–$2,500 region. However, the stocks can also move independently because their market valuations do not always track treasury values one-for-one.

Ethereum Treasury Stocks Fall as ETH Retreats

ETH token has been in a strong downward trend in the past few weeks, moving from a high of $2,806 to a low of $2,406. It has now stabilized at $2,496.

This retreat has coincided with the ongoing ETF outflows. Data shows that these funds have had outflows in the past eight consecutive days. The funds lost over $72 million on Thursday, bringing the weekly outflows to over $485 million.

In total, these funds have lost over $578 million this month after adding over $832 million in the previous month. In total, these funds now have over $13.3 billion in inflows and now hold $15.6 billion in assets.

On the positive side, ETH token has some bullish technicals. The daily chart shows that the token peaked at $2,806 in September and then pulled back to a low of $2,410 on Thursday. Moving to that level was important because it coincided with the highest point on April 17. That is a sign that it has formed a break-and-retest pattern, a common continuation sign in technical analysis.

Ethereum has also filled the fair-value gap that formed on September 18. It also remains above the 50-day and 100-day Exponential Moving Averages (EMA). Therefore, there is still a possibility that the token will rebound in the near term. If this happens, the initial target to watch will be at $2,800, up by 12% above the current level.

BitMine Stock May Rebound if ETH Bounces Back

Tom Lee’s BitMine has become the biggest Ethereum treasury company with over 6,016,414 tokens, which are equivalent to 4.92% of the supply. It has bought over 87,200 coins in the last 30 days and is about to hit its 5% target.

Technical indicators suggest that the stock has been in an uptrend over the past few months. It soared from a low of $12.80 in June to a high of $28.81 in September, then retreated to the current $24.

On the positive side, it has remained above the ascending trendline that links its lowest level since June. It also sits above the 50-day EMA, which is a bullish sign in technical analysis.

Therefore, the stock will likely rebound, potentially reaching a high of $28.81, its September high. A move above that level will point to more gains, potentially to $35.

SharpLink Stock Price Technical Analysis

SBET stock has been in a strong run in the past few months. It soared from $4.46 in June to a high of $10.36 in September. Like BitMine, it has retreated because of the ongoing Ethereum dive.

The stock has also formed a small hammer candlestick pattern. It has also remained above the Supertrend indicator. Therefore, there is still a possibility that the stock will rebound, a move that will be confirmed if Ethereum rebounds.

SharpLink will benefit from an ETH rebound since it is the second-largest holder with 868,699 coins worth $2.16 billion.

This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency prices, ETF flows, equity valuations and technical levels may change as market conditions evolve.