Over the past week, $36 million flowed out of Ethereum (ETH) exchange-traded products (ETPs), according to CoinShares data. This outflow of funds from Ethereum ETPs was the largest seen in a single week since the merger in September 2022.
This outflow of funds from Ethereum ETPs was the largest seen in a single week since the Merger in September 2022, a significant event in Ethereum history that involved the transition from proof-of-work to proof-of-stake consensus mechanism. .
ETPs are investment products that provide exposure to price movements of Ethereum or other digital assets.
Despite the exits, however, Ethereum ETPs fared better compared to Bitcoin (BTC) investment products. Outflows from Ethereum ETPs accounted for just 0.6% of assets under management (AUM).
Bitcoin ETPs continued to lose funds for the eighth week in a row. Bitcoin ETP outflows reached $52M, bringing the total outflow over 8 weeks to $254M, representing 1.2% of AUM. Bitcoin short ETPs lost $1.1 million while their 7-week outflows equaled 44% of assets under management, data shows.
Litecoin (LTC), XRP (XRP), and Solana (SOL) ETPs all saw minor inflows over the past week, data indicates. Polygon (MATIC), however, experienced departures during the period. Overall, most major altcoins (except Tron) have seen inflows to date, while Bitcoin and Ethereum have seen outflows.
Overall, digital asset investment products saw $88 million worth of outflows last week. Total departures in the last 8 weeks reached $417 million, according to the data. Between April and June 2022, digital asset investment products experienced outflows for 12 consecutive weeks.
Explaining the reason behind the consecutive weeks of digital asset investment product exits, CoinShares noted:
“We believe, like last year, that this is related to monetary policy, and there is currently no clear end in sight to interest rate hikes, leaving investors cautious.”
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