Ethereum
Ethereum sees $61M in outflows, worst performance since August 2022
Digital asset investment products saw their third consecutive week of outflows amounting to $30 million, although last week saw a significant decline. While outflows for Ethereum have continued, investor sentiment around Bitcoin appears to be slowly changing.
According to the latest edition of CoinShares’ Digital Asset Fund Flows Weekly report, most providers saw minor inflows, but this was offset by Grayscale, which saw $153 million in outflows.
Trading volumes increased 43% week-on-week to $6.2 billion, but remained well below the annual average of $14.2 billion, the asset manager said in its statement. report.
Over the past week, multi-asset ETPs and Bitcoin led the inflows with $18 million and $10 million, respectively. Short-bitcoin products saw outflows of $4.2 million last week, suggesting a possible shift in sentiment. Several altcoins saw inflows, with Solana receiving $1.6 million and Litecoin recording $1.4 million. Chainlink and XRP also saw inflows of $0.6 million and $0.3 million, respectively.
Ethereum-based investment products saw the largest outflows since August 2022, totaling $61 million, bringing the two-week total outflows to $119 million, making it the worst performing asset year-to-date in terms of net flows.
Despite positive sentiment towards crypto this year, blockchain stocks faced outflows of $545 million, representing 19% of assets under management.
In terms of region, the United States topped the charts with $143 million in weekly admissions, followed by Brazil and Australia with $7.6 million and $3 million in weekly admissions, respectively.
In contrast, Germany, Hong Kong, Canada and Switzerland recorded capital outflows of $29 million, $23 million, $14 million and $13 million respectively over the same period. Sweden also recorded capital outflows of $4.3 million.