Creatively re-express while ensuring semantics remain unchanged and proper nouns are preserved. Ethereum weekly outflow hits record high since August 2022

Crypto investment products recorded outflows for the third consecutive week, totaling $30 million, with Ethereum losing $61 million.

Leading digital asset firm CoinShares revealed this in a recent report, highlighting that Bitcoin (BTC) saw inflows, while Ethereum, as the second-largest cryptocurrency, witnessed outflows over the past week.

Bitcoin inflow reaches $10 million

According to data from CoinShares, Bitcoin-related exchange-traded products (ETPs) saw inflows of $10 million over the past week.

While that number may not be impressive, it’s a significant boost from the last report, when products saw outflows of $6.3 billion. Based on the latest performance, the total assets held by all Bitcoin ETPs surged to a staggering $67.57 billion.

Besides Bitcoin, other digital assets saw inflows last week, with multi-asset ETPs attracting $18 million. Additionally, other altcoin-related ETPs also recorded positive net inflows, including Solana ($1.6 million), Litecoin ($1.4 million), Chainlink ($0.6 million), and XRP ($0.3 million).

Ethereum sees largest outflow since August 2022

Conversely, ETPs tied to Ethereum (ETH), the second-largest cryptocurrency by market cap, ended last week’s outflows. According to the data, Ethereum witnessed its largest outflow since August 2022 for the first time, totaling $61 million.

With the decline, Ethereum outflows surged to $119 million in two weeks, making ETH the worst performing asset in terms of net inflows so far this year. According to the report, Ethereum ETP’s assets under management reached $14.35 billion.

The development comes as market watchers look forward to the Securities and Exchange Commission (SEC) approving S-1 filings for multiple spot Ethereum exchange-traded funds (ETFs).

Related to regional flows

In terms of regional flows, it is interesting to note that the United States, Brazil, and Australia witnessed inflows of $43 million, $7.6 million, and $2.9 million, respectively.

However, Coinshares noted that negative sentiment affected crypto investment products in Germany, Hong Kong, Canada, and Switzerland, resulting in outflows of $29 million, $23 million, $14 million, and $13 million, respectively.

According to the supplier's flow

In terms of provider flows, Grayscale’s Switch Bitcoin Trust ETF led in outflows, totaling $153 million. 21Shares AG and CoinShares’ XBT also saw outflows of $29 million and $6 million, respectively.

Conversely, BlackRock’s Bitcoin ETF attracted $84 million in inflows, followed by the ARK21Shares ETF, which witnessed $27 million in investments over the past week. Bitwise and Fidelity ETFs also saw inflows of $15 million and $13 million, respectively.

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