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Home»ETHEREUM NEWS»Ethereum Price Sways as Institutional Investors Withdraw $60.7 Million in One Week
ETHEREUM NEWS

Ethereum Price Sways as Institutional Investors Withdraw $60.7 Million in One Week

By Crypto FlexsJuly 3, 20243 Mins Read
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Ethereum Price Sways as Institutional Investors Withdraw .7 Million in One Week
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Cryptocurrency investment products that track Ethereum and others saw another week of outflows last week, but the amounts were small and the third straight week of outflows. Digital investment products saw $30 million worth of outflows last week.

But this outflow is out of trend. We usually observeBitcoin has taken a step back, and most of the movement has come from Ethereum-based investment products. In particular, according to the latest CoinShares report, institutional investors have pulled a whopping $60.7 million out of Ethereum-based investment products in just one week, the largest amount so far this year.

Ethereum leads the outflow

CoinShares’ Latest Digital Asset Fund Flow Weekly Report Institutional investor sentiment towards Bitcoin Change into strength 1. Bitcoin-based products in particular saw inflows of $10 million last week. While this is lower than the normal inflow levels that crypto assets typically see, the fact that there were inflows suggests that bullish sentiment toward Bitcoin persists despite its poor price performance last week.

On the other hand, the same thing does not work in the following cases: Ethereum. Institutional investor sentiment toward the king of altcoins appears to be weakening as the launch of a spot Ethereum ETF continues to be delayed. The Ethereum-based asset saw $61 million in outflows last week, the largest since August 2022.

As a result, this means that the asset has lost $119 million worth of institutional investment over the past two weeks, making it the worst performing asset this year in terms of net inflows. This is supported by data from CoinShares, which shows that Ethereum’s outflows this year are currently at $25 million. Furthermore, this data shows that Ethereum is the only digital asset that has seen net outflows since the beginning of the year.

All other digital asset products saw inflows last week. Multi-asset products led the way with $17.9 million inflows. Bitcoin came in second with $10 million. Solana, Litecoin, XRP, and Chainlink also saw outflows of $1.6 million, $1.4 million, $300,000, and $600,000, respectively. These inflows suggest that institutional investors are still willing to invest in altcoins despite the poor price performance of most of them last week.

Reflecting the bullish sentiment, short-term Bitcoin products saw $4.2 million worth of outflows. Trading volume also rose 43% week-on-week to $6.2 billion, but was still well below the $14.2 billion average weekly this year.

According to CoinShares, most providers saw modest inflows, but most of this was offset by Grayscale’s $153 million outflow. By region, the United States again dominated with $43 million. Brazil and Australia followed with $7.6 million and $2.9 million, respectively. Germany, Hong Kong, Canada, Switzerland, and Sweden saw outflows of $28.5 million, $23.2 million, $14.4 million, $13.3 million, and $4.3 million, respectively.

ETH Price Recovers to $3,500 | Source: ETHUSDT on Tradingview.com

Featured image made with Dall.E, charts from Tradingview.com

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