Ethereum
Ethereum (ETH) products see largest institutional outflows since August 2022: CoinShares
Digital asset manager CoinShares says institutional crypto products suffered outflows last week for the third week in a row.
In its latest digital asset fund streams reportCoinShares says its digital asset investment products saw $30 million in outflows last week.
“Digital asset investment products saw a third consecutive week of outflows totaling US$30 million, with last week showing a significant reduction in outflows. Unlike previous weeks, most providers saw minor inflows, although this was offset by incumbent Grayscale’s outflows of US$153 million.”
Source: CoinShares
Despite global outflows, the US, Brazil and Australia regions saw inflows of $43 million, $7.6 million and $3 million respectively.
“Negative sentiment swept through Germany, Hong Kong, Canada and Switzerland, with capital outflows of $29 million, $23 million, $14 million and $13 million respectively.”
While the leading cryptocurrency in terms of market capitalization Bitcoin (Bitcoin), multi-asset investment vehicles, Solana (GROUND) and Litecoin (LTC) grossed $18 million, $10 million, $1.6 million and $1.4 million in inflows, Ethereum (ETH) had one of its worst weeks in years.
“Ethereum saw the largest outflows since August 2022, totaling $61 million, bringing outflows over the past two weeks to $119 million, making it the worst performing asset year-to-date in terms of net flows.”
Chain link (LINK) and XRP also brought in $0.6 million and $0.3 million, respectively.
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