Ethereum is the worst crypto in terms of net flows this year.

Key receivers

Ethereum recorded its highest outflow since August 2022, totaling $61 million. Positive developments in Bitcoin and multi-asset ETPs suggest changing investor sentiment.

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Crypto exchange-traded products (ETFs) experienced net inflows totaling $30 million for the third week in a row. In particular, Ethereum-indexed ETPs saw more than $60 million in outflows last week, their highest outflow since August 2022, according to asset management firm CoinShares. This makes Ethereum (ETH) the worst performer of the year in terms of net flows.

Additionally, the total spending of ETH has risen to $119 million in the past two weeks. In contrast, multi-asset and bitcoin ETPs saw $18 million and $10 million inflows, respectively. Outflows from short Bitcoin positions totaled $4.2 million, indicating a potential shift in market sentiment.

Despite the disappointing weekly performance for Ethereum ETPs, outflows have decreased compared to previous weeks.

Regionally, the US, Brazil, and Australia grossed $43 million, $7.6 million, and $3 million, respectively. In contrast, Germany, Hong Kong, Canada and Switzerland faced costs of $29 million, $23 million, $14 million and $13 million respectively.

While many suppliers reported lower revenues, these were offset by a significant amount of $153 million from Greyscale. Weekly trading volumes rose 43% to $6.2 billion, although this figure is still below $14.2 billion for the year.

However, despite the overall positive sentiment for crypto this year, blockchain equities have suffered, with outflows reaching $545 million, which is 19% of assets under management.

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