CoinShares: Ethereum Faces Continued Outflows While Bitcoin Sentiment Shows Signs of Reversal

Digital
asset
investment
products
experienced
a
third
consecutive
week
of
outflows,
amounting
to
US$30
million,
according
to

CoinShares.
However,
the
latest
week
showed
signs
of
these
outflows
significantly
slowing
down.
Ethereum
(ETH)
saw
the
largest
outflows
since
August
2022,
totaling
US$61
million,
making
it
the
worst-performing
asset
year-to-date
in
terms
of
net
flows.

Ethereum’s
Continued
Struggles

Ethereum’s
outflows
over
the
past
two
weeks
have
reached
a
staggering
US$119
million.
This
marks
Ethereum
as
the
poorest
performing
digital
asset
in
the
market
this
year.
Despite
the
broader
market’s
efforts
to
stabilize,
Ethereum
continues
to
face
significant
challenges.

Bitcoin
and
Multi-Asset
Products
See
Inflows

Contrary
to
Ethereum’s
struggles,
multi-asset
and
Bitcoin
(BTC)
exchange-traded
products
(ETPs)
recorded
inflows.
Multi-asset
ETPs
led
with
US$18
million,
followed
by
Bitcoin
ETPs
with
US$10
million.
Additionally,
short-Bitcoin
products
saw
outflows
of
US$4.2
million
last
week,
indicating
a
potential
shift
in
sentiment
towards
Bitcoin.

Regional
Investment
Trends

Regionally,
the
United
States
led
with
US$43
million
in
inflows.
Brazil
and
Australia
also
saw
positive
inflows
of
US$7.6
million
and
US$3
million,
respectively.
In
contrast,
negative
sentiment
was
prevalent
in
Germany,
Hong
Kong,
Canada,
and
Switzerland,
with
outflows
amounting
to
US$29
million,
US$23
million,
US$14
million,
and
US$13
million,
respectively.

Altcoins
and
Blockchain
Equities

Among
altcoins,
Solana
(SOL)
and
Litecoin
(LTC)
were
notable
for
their
inflows,
totaling
US$1.6
million
and
US$1.4
million,
respectively.
Despite
the
positive
sentiment
in
the
broader
crypto
market,
blockchain
equities
have
suffered
outflows
of
US$545
million
this
year,
representing
19%
of
assets
under
management
(AuM).

Image
source:
Shutterstock