Ethereum

Bitcoin

Million

Chainlink

Spot

Crypto investment products tracking Ethereum and others registered another week of outflows last week, albeit at a lesser amount, to extend the run of outflows to three consecutive weeks. Digital investment products witnessed $30 million worth of outflows last week. 
However, this outflow deviated from the trend <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-crash-not-done-coinshares/" rel="nofollow noopener" target="_blank">we normally observe</a>, with Bitcoin taking a step back and most of the movement coming from Ethereum-based investment products. Particularly, the latest CoinShares report shows that institutional investors pulled a whopping $60.7 million from Ethereum-based investment products in just one week, the largest so far this year.&nbsp; 
<h2 id="ethereum-leads-the-outflows">Ethereum Leads The Outflows</h2> 
CoinShares’ latest Digital Asset Fund Flows <a href="https://blog.coinshares.com/volume-189-digital-asset-fund-flows-weekly-report-5265d50f2769" rel="nofollow noopener" target="_blank">Weekly report</a> suggests that institutional investor sentiment regarding Bitcoin is <a href="https://www.newsbtc.com/news/bitcoin/is-the-bitcoin-bottom-in-price/" rel="nofollow noopener" target="_blank">changing into a bullish </a>one. Notably, Bitcoin-based products registered $10 million worth of inflows last week. While this is small compared to the normal level of inflows usually witnessed by the crypto asset, the fact that its inflow suggests a lingering bullish sentiment regarding Bitcoin despite a poor price performance last week. 
On the other hand, the same can’t be said for <a href="https://bitcoinist.com/ethereum-hodling-diamond-hands-own-78-of-supply/">Ethereum</a>. Institutional investor sentiment regarding the king of altcoins seems to be waning as the launch of Spot Ethereum ETFs continues to drag on. Ethereum-based saw outflows of $61 million last week, the largest since August 2022. 
Consequently, this means the asset has lost $119 million worth of institutional investment in the past two weeks, making it the worst-performing asset year-to-date in terms of net flows. This is backed up by data from CoinShares, which shows Ethereum’s year-to-date outflows now at $25 million. Furthermore, the data indicates Ethereum is the only digital asset with a net outflow since the beginning of the year. 
Every other digital asset product registered inflows last week. Multi-asset products led the charge with $17.9 million worth of inflows. Bitcoin came in second with $10 million worth of inflows. Solana, Litecoin, XRP, and Chainlink also witnessed minor inflows of $1.6 million, $1.4 million, $0.3 million, and $0.6 million outflows, respectively. This influx of money suggests institutional investors are still willing to put money into altcoins despite the poor price performance of most of them last week.&nbsp; 
Reflecting the bullish sentiment, short-bitcoin products witnessed $4.2 million worth of outflows. Trading volumes also rose by 43% week-on-week to $6.2 billion but remained well below the $14.2 billion weekly average for the year.&nbsp; 
According to CoinShares, most providers saw minor inflows, although most of this was canceled out by $153 million in outflows from Grayscale. In terms of region, the US-dominated again with $43 million. Brazil and Australia followed with $7.6 million and $2.9 million inflows respectively. On the other hand, Germany, Hong Kong, Canada, Switzerland, and Sweden all witnessed outflows of $28.5 million, $23.2 million, $14.4 million, $13.3 million, and $4.3 million, respectively. 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/jqGvBKfj/" alt="Ethereum price chart from Tradingview.com" width="3286" height="1576">

Ethereum Price Wavers As Institutional Investors Pull $60.7 Million In One Week

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Bitcoinist

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