Ethereum Becomes Worst-Performing Digital Asset Investment Product YTD as Outflows Hit $30 Million

CoinShares’ latest report has revealed a troubling trend for Ethereum and the broader digital asset market with outflows hitting $30 million last week.

CoinShares’ latest report reveals a troubling trend for Ethereum and the broader digital asset market, with outflows hitting $30 million last week. This marks the third consecutive week of outflows, signaling investor caution and market volatility.

Among digital asset investment products, Ethereum had the highest outflows, amounting to $61 million. This makes it the worst-performing asset year-to-date in terms of net flows. Solana and Litecoin, on the other hand, gained inflows of $1.6 million and $1.4 million, respectively.

Overall, seven out of the ten providers recorded inflows, albeit minor, except for Grayscale, which saw $153 million outflows, offsetting the inflows.

Trading volumes surged by 43% week-on-week to $6.2 billion, but remain well below the $14.2 billion weekly average for the year so far.

Regionally, the US saw the largest inflows at $43 million, followed by Brazil ($7.6 million) and Australia ($3 million). In contrast, Germany, Hong Kong, Canada, and Switzerland posted outflows of $29 million, $23 million, $14 million, and $13 million, respectively.

Solana, Litecoin Gain Inflows as Ethereum Stumbles

Multi-asset and Bitcoin ETPs led the inflows with $18 million and $10 million, respectively. Short-bitcoin also saw a rise in outflows, totaling $4.2 million last week, suggesting a shifting sentiment.

Among altcoins, several saw inflows, with the most notable being Solana [$1.6 million] and Litecoin [$1.4 million].

Interestingly, blockchain equities, despite the positive sentiment for digital assets this year, have suffered outflows of $545 million this year, representing 19% of AuM.

This development coincides with the pending approval of an ETF on July 4th, a culmination of almost three years of planning. The ETF flow has also negated the previous forecast of potential mass outflows from Bitcoin ETFs where investors rush to pour their money into the new ETH ETF.

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