Ethereum-based investment products see negative outflows for 4th consecutive week

Despite positive inflows into other crypto-based investment products, Ethereum-based crypto investment products experienced negative outflows for the fourth consecutive week.

While Ethereum saw outflows totaling $22.5 million last week, several other top altcoins recorded significant inflows. Litecoin led with $4.4 million in weekly inflows, followed by Solana with $4 million, and Filecoin with $1.4 million.

Ethereum’s Performance:

Despite the outflows, the price of Ether (ETH) rose by 6.8% in the 24 hours leading up to 11:45 am UTC, reaching $3,625. Although Ethereum is up 2.3% for the week, it experienced an 8.2% decline over the past month.

Solana, often hailed as a potential “Ethereum killer” due to its scalability, has been outperforming Ether. SOL token surged by 24% over the past month, contrasting with Ether’s 6.2% decline.

CoinShares suggests that despite $646 million in weekly inflows into digital asset investment products, investor appetite for exchange-traded funds (ETFs) may be waning. Weekly ETF flow levels have not reached the heights seen in early March, with volumes declining to $17.4 billion from $43 billion in the first week of March.

Bitcoin ETF Accumulation:

Since the approval of spot Bitcoin ETFs in January, they have amassed over 834,000 Bitcoin worth $60.4 billion in total on-chain holdings. ETFs now hold 4.24% of the current BTC supply.

Short Bitcoin investment products experienced outflows for the third consecutive week, totaling $9.5 million, indicating “minor capitulation among bearish investors,” according to CoinShares.