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Ethereum (ETH) Products See Largest Institutional Outflows Since August 2022: CoinShares

July 01, 2024

Digital assets manager CoinShares says that institutional crypto products sustained outflows last week for the third week in a row.

In its latest Digital Asset Fund Flows report, CoinShares says digital asset investment products suffered $30 million in outflows last week.

“Digital asset investment products saw a third consecutive week of outflows totaling US$30m, with last week indicating a significant stemming of the outflows. In contrast to prior weeks, most providers saw minor inflows, although this was offset by incumbent Grayscale seeing US$153m outflows.”

Despite overall outflows, the US, Brazil and Australian regions saw $43 million, $7.6 million and $3 million in inflows, respectively.

“Negative sentiment pervaded Germany, Hong Kong, Canada and Switzerland with outflows of US$29m, US$23m, US$14m and US$13m respectively.”

While the leading crypto by market cap Bitcoin (BTC), multi-asset investment vehicles, Solana (SOL) and Litecoin (LTC) brought in $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 US$61m, bringing the last two weeks of outflows to US$119m, making it the worst performing asset year-to-date in terms of net flows.”

Chainlink (LINK) and XRP also brought in $0.6 million and $0.3 million, respectively.

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