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Cryptocurrency exchange-traded products (ETFs) saw their third consecutive week of net outflows, totaling $30 million. In particular, ethereum-indexed ETPs saw over $60 million in outflows last week, the largest since August 2022. according asset management firm CoinShares. This makes ethereum (eth) the worst-performing asset of the year in terms of net flows.
Additionally, total eth outflows amounted to $119 million over the past two weeks. In contrast, multi-asset ETPs and bitcoin saw inflows of $18 million and $10 million, respectively. bitcoin short position outflows amounted to $4.2 million, indicating a possible shift in market sentiment.
Despite the dismal weekly performance of ethereum ETPs, the pace of outflows has slowed compared to previous weeks.
![](https://technicalterrence.com/wp-content/uploads/2024/07/Ethereum-is-the-worst-performing-cryptocurrency-in-net-flows-this.png)
At the regional level, the United States, Brazil and Australia recorded inflows of $43 million, $7.6 million and $3 million, respectively. By contrast, Germany, Hong Kong, Canada and Switzerland faced outflows of $29 million, $23 million, $14 million and $13 million, respectively.
While many vendors reported smaller inflows, these were overshadowed by significant outflows of $153 million from Grayscale. Weekly trading volumes increased 43% to $6.2 billion, although this figure is still below the $14.2 billion average for the year.
However, while there has been generally positive sentiment towards cryptocurrencies this year, blockchain stocks have suffered, with outflows reaching $545 million, representing 19% of assets under management.
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