Zoltan Vardai10 hours agoEthereum-based investment products see negative outflows for 4th consecutive weekEthereum-based crypto investment products flows declined for the fourth consecutive week despite positive flows into the Solana ecosystem.2031 Total views13 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksEthereum-based crypto investment products saw negative outflows for the fourth consecutive week despite positive inflows into other crypto-based investment products.
Ethereum saw $22.5 million worth of outflows last week, in contrast with most of the other top altcoins, according to an April 8 report by CoinShares.“Digital asset investment products saw continued positive sentiment with inflows totalling US$646m last week. inflows year-to-date at US$13.8bn are at their highest ever level, now far surpassing the US$10.6bn seen in 2021.”Weekly crypto flows by asset. Source:CoinShares
Ethereum’s fourth consecutive week of outflows came despite other top altcoins recording positive inflows. According to the report, Litecoin registered $4.4 million worth of weekly inflows, followed by Solana with $4 million and Filecoin with $1.4 million.
The Ether (ETH) price rose 6.8% in the 24 hours leading up to 11:45 am UTC to change hands at $3,625. The world’s second-largest cryptocurrency is up 2.3% on the week but down 8.2% over the past month, according to CoinMarketCap data.ETH/USDT, one-month chart. Source:CoinMarketCap
Solana is often touted as one of the most promising “Ethereum killers” due to its scalability and high transaction throughput. Its native token has also been outperforming Ether. Solana’s (SOL) token rose 24% during the past month, while Ether fell over 6.2%, according to TradingView data.ETH/SOL, one-month chart. Source:TradingView
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Despite $646 million worth of weekly inflows into digital asset investment products, investor appetite for exchange-traded funds (ETFs) may be on the decline, according to CoinShares.“Despite this, there are signs that appetite from ETF investors is moderating, not achieving the weekly flow levels seen in early March, while volumes last week declined to US$17.4bn for the week compared to US$43bn in the first week of March.”
Since spot Bitcoin ETFs were approved in January, they have massed over 834,000 Bitcoin worth $60.4 billion in total on-chain holdings. ETFs have accumulated 4.24% of the current BTC supply, according to Dune data.
Short Bitcoin investment products saw outflows for the third consecutive week, totaling $9.5 million, suggesting “minor capitulation among bearish investors,” according to CoinShares.
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