Ethereum is the worst performing cryptocurrency in net flows this year

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.

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.