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Ethereum Investment Funds Saw Record Outflows of $50M
Net outflows from cryptocurrency funds totaled $44 million for the week ending June 25, marking the fourth consecutive week of redemptions.
Updated Mar 6, 2023, 3:41 p.m. Published Jun 28, 2021, 4:02 p.m.
Investors are exiting digital asset investment products, including funds focused on bitcoin and ethereum, as a wave of negative sentiment weighs on cryptocurrencies.
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Net outflows from cryptocurrency funds totaled $44 million for the week ending June 25, marking the fourth consecutive week of redemptions.
Ethereum products suffered net outflows of $50 million last week, the largest on record since 2015, according to a report by CoinShares published Monday. The movement marks a reversal from the trend so far in 2021, with Ethereum-focused products having garnered a net of $943 million for the year to date as investors diversified away from bitcoin.
- “Since mid-May, as negative sentiment has remained prevalent, net weekly outflows now total $313 million," representing 0.8% of total assets under management (AUM), according to CoinShares.
- On a relative basis, the total outflows of digital asset funds last week “remains small in comparison to the negative sentiment in early 2018, where outflows as a percentage of AUM totaled 4.9%.”
- Multi-asset digital investment products saw inflows of $6 million last week, suggesting that investors are seeking diversification across cryptocurrencies, beyond bitcoin and ethereum.
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Solana CME Futures Fell Short of BTC and ETH Debuts, but There's a Catch
When adjusted for asset market capitalization SOL's relative futures volume looks better, K33 Research noted.
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- Solana's SOL futures began trading on the Chicago Mercantile Exchange (CME) on Monday, with a notional daily volume of $12.3 million and $7.8 million in open interest, significantly lower than the debuts of bitcoin (BTC) and ether (ETH) futures.
- Despite the seemingly lackluster debut, when adjusted to market value, SOL's first-day figures are more in line with BTC's and ETH's, according to K33 Research.
- Despite the bearish market conditions, the launch of CME SOL futures offers new ways for institutions to manage their exposure to the token, said Joshua Lim of FalconX.
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