CDS Crypto News Ethereum performance- experiences $61 million in outflows, marking its worst performance since August 2022
Crypto News

Ethereum performance- experiences $61 million in outflows, marking its worst performance since August 2022

41
Ethereum Performance- Experiences $61 Million In Outflows, Marking Its Worst Performance Since August 2022

Ethereum performance- Ethereum faces a $61 million outflow, the largest since August 2022

Ethereum performance- Digital asset investment products experienced their third consecutive week of outflows, amounting to $30 million. This marks a significant trend, although the pace of outflows has notably decreased compared to previous weeks. Ethereum continued to see outflows, but there are signs of a shift in investor sentiment towards Bitcoin.

Mixed Performance Across Providers and Regions

According to CoinShares’ latest Digital Asset Fund Flows Weekly report, most providers recorded minor inflows. However, these were offset by Grayscale, which faced a substantial $153 million in outflows. Trading volumes increased by 43% week-on-week to $6.2 billion but remain well below the yearly average of $14.2 billion.

Over the past week, multi-asset and Bitcoin ETPs led the inflows with $18 million and $10 million, respectively. In contrast, short-Bitcoin products saw outflows of $4.2 million, indicating a possible shift in market sentiment. Among altcoins, Solana received $1.6 million in inflows, and Litecoin recorded $1.4 million. Chainlink and XRP also saw inflows of $0.6 million and $0.3 million, respectively.

Ethereum and Blockchain Equities Struggle

Ethereum investment products experienced the largest outflows since August 2022, totaling $61 million. This brings the two-week outflow total to $119 million, making Ethereum the worst-performing asset year-to-date in terms of net flows. Despite a generally positive sentiment towards cryptocurrencies this year, blockchain equities have faced significant outflows of $545 million, representing 19% of assets under management.

Regional Inflows and Outflows

In terms of regional performance, the US dominated with inflows of $143 million, followed by Brazil and Australia with $7.6 million and $3 million in weekly inflows, respectively. On the other hand, Germany, Hong Kong, Canada, and Switzerland saw outflows of $29 million, $23 million, $14 million, and $13 million, respectively. Sweden also recorded outflows of $4.3 million.

FAQs

Why did Ethereum experience $61 million in outflows recently?

Ethereum experienced $61 million in outflows due to a combination of factors, including changing investor sentiment, market volatility, and possibly competition from other cryptocurrencies. Additionally, broader economic uncertainties and profit-taking by investors might have contributed to the outflows.

How significant is the $61 million outflow for Ethereum?

The $61 million outflow is significant because it marks the worst performance for Ethereum since August 2022. It highlights a considerable shift in investor behavior and sentiment, which could impact Ethereum’s price and market position.

For the latest in crypto updates, keep tabs on Crypto Data Space.

Ethereum performance- experiences $61 million in outflows, marking its worst performance since August 2022

Leave a comment

Leave a Reply

Related Articles

XRP Price Falls Following SEC’s Decision to Cancel Important Meeting With Ripple

XRP's price reversed its Wednesday gains following the SEC's unexpected decision to...

The Dark Side of Cryptocurrency: Shock Claim About Worldcoin from ZachXBT

The Dark Side of Cryptocurrency: Shock Claim About Worldcoin from ZachXBT

Chainbase Raises $15 Million in Series A Funding to Advance Web3 On-Chain Data Infrastructure

Chainbase Raises $15 Million in Series A Funding to Advance Web3 On-Chain...

Craig Wright Denies Being Satoshi Nakamoto, Adds Disclaimer to Website

The Crypto Open Patent Alliance accused Craig Wright of fabricating evidence in...