Ethereum Weekly Price Outlook: Institutional Demand Weakness and Middle East Crisis Negatively Impact Ethereum Price:

Ethereum Price Today: $1,980
Ethereum is facing pressure, like the overall cryptocurrency market, as it has decreased by 4% over the past 24 hours. This decline has extended its weekly downturn to 6%, pushing its monthly returns into negative territory following an additional escalation of the ongoing US-Israel-Iran war on Friday.

The Iranian Revolutionary Guard issued a warning to employees of industrial companies and steel factories in Israel and the Gulf countries to leave their workplaces in preparation for a retaliatory strike, according to The New York Times. This response comes after the US and Israel launched attacks on several Iranian industries on Friday.

On the institutional front, demand for the leading altcoin remains weak, with US exchange-traded funds (ETFs) experiencing seven consecutive days of net outflows totaling approximately $392 million.

Ethereum ETF inflows. Source: SoSoValue

Overall, retail investor interest in Ethereum (ETH) has declined, with the Coinbase Premium Index dropping further into negative territory. This index measures the average sentiment of American traders by comparing Ethereum’s price on Coinbase with its price on Binance.

It appears that BitMine Immersion (BMNR), a company specializing in managing Ethereum vaults, is the only exception. Wallets believed to be linked to the company purchased 117,111 ETH over the past three days, according to Lookonchain, a platform tracking smart money, although the company has not confirmed the purchase yet.

BitMine previously disclosed purchasing 65,341 ETH, bringing its total to 4.66 million ETH at that time. The company, based in Las Vegas, announced on Wednesday the launch of the American-made verification network MAVAN, which offers high-quality storage services for its clients.

Meanwhile, Ethereum whales continue to increase their holdings, while retail wallets slow down their distribution, according to CryptoQuant data.

Exposure to Ethereum derivatives is steadily growing, reaching 14.72 million ETH, even as funding rates trend negative with a sharp spike on Friday.

Open interest data for ETH. Source: Coinglass