Between June 24-29, Ethereum exchange-traded products saw substantial outflows, marking the highest since August 2022, with investors withdrawing $61 million. According to CoinShares’ weekly report, total outflows for the past two weeks reached $119 million, reducing June’s total balance to $37 million. Year-to-date, Ether funds have seen $25 million withdrawn, making them the poorest performing asset in terms of net flows. Despite the SEC’s approval of Ether exchange-traded funds in May, the cryptocurrency’s price fell over 8.7% in June. Analysts anticipate the debut of eight approved funds in mid-July or later, with expectations that they could attract $25 billion by the end of 2025, following the SEC’s request for resubmission of S-1 forms by July 8.
Investor sentiment took a turn
Ether’s outflows of $30 million dragged down the overall performance of digital asset investment products in the past week. In contrast to previous weeks, most Bitcoin ETF providers experienced modest inflows, as reported by CoinShares.
In the past week, Grayscale’s Bitcoin fund experienced outflows of $153 million, countering overall inflows of $10 million from other issuers.
According to the report, multi-asset and Bitcoin ETPs led inflows with $18 million and $10 million, respectively. Conversely, short Bitcoin products saw outflows totaling $4.2 million, suggesting a potential shift in sentiment.
Trading volumes increased by 43% week-on-week to $6.2 billion as of June 29 but remained below the year’s weekly average of $14.2 billion, as reported by CoinShares. Among altcoins, Solana funds attracted $1.6 million in inflows, while Litecoin saw $1.4 million over the same period.
So far this year, $545 million has been withdrawn from blockchain equities, constituting 19% of the market capitalization.