- Over the last two weeks, the products have had net outflows of $60 million each week.
- There was an influx of $18M into multiasset ETPs and $10M into bitcoin (BTC) ETPs.
According to a Monday report by crypto firm CoinShares, professional investors pulled out more than $120 million from exchange-traded instruments that tracked ether (ETH) over the previous two weeks.
Over the last two weeks, the products have had net outflows of $60 million each week. Which is the highest level seen since August 2022. Additionally, there was an influx of $18 million into multi-asset ETPs. And $10 million into bitcoin (BTC) ETPs, indicating the perspective could be shifting. Germany, Hong Kong, Canada, and Switzerland saw outflows, while the United States, Australia, and Brazil experienced regional inflows.
All Eyes on Ether Spot ETF
The U.S Securities and Exchange Commission (SEC) authorized the submissions of applicants last month, bringing the availability of Ether ETFs for trading in the US closer. Their S-1 forms also need regulator approval before the ETFs can be permitted to trade.
Bitwise predicts $15 billion in the first 18 months for ether ETFs. While firms like Galaxy predict $5 billion in the first five months. It is anticipated that broker-dealer platforms and independent financial advisors will drive demand for the planned products.
Coinshares previously said that $584 million was pulled out of digital asset investment products in the week beginning June 24. Withdrawals of $600 million were recorded for these products during the week of June 17, which is the highest amount since March 22.
Digital asset investment products, on the other hand, received $2 billion in the week beginning June 10, increasing the five-week total to $4.3 billion. The crypto market has been struggling for quite some time now, with Bitcoin facing bearish pressure.
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