Ana Paula Pereira3 hours agoEther investment products record largest outflows since 2022Large outflows from Ether funds contrast with movements seen in Bitcoin and other cryptocurrencies.776 Total views4 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksEthereum exchange-traded products endured a turbulent final week of June, recording the highest outflow since August 2022.
According to CoinShares’ weekly analysis, investors withdrew $61 million from Ether (ETH) investment products between June 24-29, bringing the total outflows for the past two weeks to $119 million and June’s total balance to $37 million in funds withdrawn. The slump has made Ether funds the worst-performing asset year-to-date in terms of net flows, with $25 million withdrawn so far.
The cryptocurrency saw its price decline over 8.7% in June despite the approval of Ether exchange-traded funds (ETFs) in May by the United States Securities and Exchange Commission (SEC).
Analysts expect the eight approved funds to debut in the coming weeks. According to Bloomberg ETF analysts Eric Balchunas and James Seyffart, the SEC has recently requested that prospective issuers resubmit their S-1 forms by July 8, pushing the ETFs’ launch to mid-July or later. Bitwise anticipated the funds to attract $25 billion by the end of 2025.Source: CoinSharesSentiment Shift
Ether’s outflows pushed the overall performance of digital asset investment products down over the past week, totaling $30 million in outflows. However, in contrast to prior weeks, the majority of Bitcoin ETF providers saw modest inflows, according to CoinShares.
Over the week, Grayscale’s Bitcoin fund saw outflows of $153 million, offsetting an overall inflow of $10 million among other issuers.
“Multi-asset and Bitcoin ETPs led the inflows with US$18m and US$10m respectively. Short-bitcoin also saw a rise in outflows totalling US$4.2m last week, suggesting sentiment may be turning,” reads the report.
Trading volumes rose 43% week-on-week to $6.2 billion as of June 29 but remained “well below” the $14.2 billion weekly average for the year so far, according to CoinShares. Among altcoins, Solana (SOL) funds saw inflows of $1.6 million, while Litecoin (LTC) attracted $1.4 million over the period.
This year, a total of $545 million has been withdrawn from blockchain equities, representing 19% of market capitalization.
Magazine:VanEck files for Solana ETF, Ether supply inflates, and more: Hodler’s Digest, June 23-29# Cryptocurrencies# Business# Ethereum# Ether PriceAdd reaction