Ether Investments products record highest outflow since 2022

Commodities traded on the Ethereum exchange recorded the largest outflow since August 2022 in the last week of June.

According to CoinShares weekly analysis, investors withdrew $61 million from Ether (ETH) investment products between June 24-29, bringing the total outflows from the past two weeks to $119 million and June's total withdrawals to $37 million. The decline made Ether Funds the worst year-to-date asset in terms of net outflows, with $25 million outflows so far.

Despite the U.S. Securities and Exchange Commission's (SEC) approval of ether exchange-traded funds (ETFs) in May, the cryptocurrency's price fell more than 8.7% in June.

Analysts expect the eight approved funds to debut in the coming weeks. According to Bloomberg ETF analysts Eric Balchunas and James Seifert, the SEC recently asked issuers to refile their S-1 forms by July 8, pushing ETFs to launch by mid-July or later. Bitwise estimates that the currency will attract $25 billion by the end of 2025.

Mood swings

Ether's exit pushed the overall performance of digital asset investment products last week, costing a total of $30 million. However, unlike previous weeks, according to CoinShares, most Bitcoin ETF providers saw modest gains.

Over the course of the week, the Grayscale Bitcoin Fund saw $153 million in outflows, offsetting a total of $10 million in outflows from other issuers.

“Multi-asset and Bitcoin ETPs led the revenue with US$18m and US$10m respectively. Short-bitcoin saw a total of $4.2 million in spending last week, suggesting sentiment may be changing, the report read.

Trading volumes rose 43% week-over-week to $6.2 billion as of June 29, but are still below the $14.2 billion weekly average, according to CoinShares. Among altcoins, Solana (SOL) funds earned $1.6 million, while Litecoin (LTC) attracted $1.4 million during the period.

This year, a total of 545 million dollars was taken from blockchain stocks, which represents 19% of the market capitalization.

Magazine: VanEck Files for Solana ETF, Ether Supply Increases, and More: Hodler's Digest, June 23-29