In the past week, $36 million flew out of Ethereum (ETH) exchange-traded products (ETPs), according to to CoinShares data. This outflow of funds from Ethereum ETPs was the largest observed in a single week since the September 2022 merger.
This outflow of funds from Ethereum ETPs was the largest observed in a single week since the merger in September 2022, a major event in Ethereum history involving the transition from proof-of-work to proof-of-stake consensus mechanism.
ETPs are investment products that provide exposure to the price movements of Ethereum or other digital assets.
However, despite the outflow, Ethereum ETPs outperformed Bitcoin (BTC) investment products. The outflow of Ethereum ETPs represented only 0.6% of assets under management (AUM).
Bitcoin ETPs continued to lose money for the 8th consecutive week. Bitcoin ETP outflows reached $52 million, bringing total outflows over 8 weeks to $254 million, representing 1.2% of AUM. Short-Bitcoin ETPs lost $1.1 million as 7-week outflows equaled 44% of assets under management, the data shows.
Litecoin (LTC), XRP (XRP) and Solana (SOL) ETPs experienced small inflows over the past week, the data shows. However, Polygon (MATIC) saw an outflow during the period. Overall, most major altcoins (except Tron) have seen inflows since the start of the year, while Bitcoin and Ethereum have seen outflows.
Overall, digital asset investment products saw outflows worth $88 million last week. The total outflow in the past 8 weeks was $417 million, according to the data. Between April and June 2022, digital asset investment products saw outflows for 12 consecutive weeks.
CoinShares explained the rationale behind the consecutive weeks of outflows from digital asset investment products, noting:
“We think, as we did last year, that this is related to monetary policy, and that there is currently no clear end in sight to interest rate hikes, leading investors to remain cautious.”
The post Last week, Ethereum ETPs saw the largest single week of outflow since the Merge first appeared on CryptoSlate.
