July 18, 2024
1 Solar System Way, Planet Earth, USA

Ethereum is the worst performing cryptocurrency in net flows this year

Key points

  • Ethereum recorded its largest outflows since August 2022, totaling $61 million.
  • Positive changes in Bitcoin and multi-asset ETPs suggest a shift in investor sentiment.

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Crypto exchange-traded products (ETFs) experienced their third consecutive week of net outflows, totaling $30 million. Notably, Ethereum-indexed ETPs saw more than $60 million in outflows last week, their largest outflows since August 2022. according to the asset management firm CoinShares. This makes Ethereum (ETH) the worst performing asset of the year in terms of net flows.

Furthermore, total ETH outflows amounted to $119 million in the last two weeks. In contrast, multi-asset and Bitcoin ETPs saw inflows of $18 million and $10 million, respectively. Outflows from Bitcoin short positions totaled $4.2 million, indicating a possible change in market sentiment.

Despite the dismal weekly performance of Ethereum ETPs, the rate of outflows has slowed compared to previous weeks.

Image: CoinShares

At the regional level, the United States, Brazil and Australia recorded inflows of $43 million, $7.6 million and $3 million, respectively. By contrast, Germany, Hong Kong, Canada and Switzerland faced outflows of $29 million, $23 million, $14 million and $13 million, respectively.

While many vendors reported smaller inflows, these were overshadowed by a major outflow of $153 million from Grayscale. Weekly trading volumes increased 43% to $6.2 billion, although this figure is still below the average of $14.2 billion for the year.

However, while there has been generally positive sentiment towards cryptocurrencies this year, blockchain stocks have suffered, with outflows reaching $545 million, representing 19% of assets under management.

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