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Ethereum Products See Highest Outflows Since 2022 Ahead of Ether ETFs
The ETH products recorded $60 million in net outflows each week, the most since August 2022.
Updated Jul 2, 2024, 7:12 a.m. Published Jul 2, 2024, 7:12 a.m.
Professional investors withdrew over $120 million from ether -tracked exchange-traded products in the past two weeks, crypto firm CoinShares said in a Monday report.
Such products recorded $60 million in net outflows each the past two weeks, the most since August 2022. Elsewhere, multiasset and bitcoin ETPs recorded inflows at $18 million and $10 million, respectively, suggesting sentiment may be turning.
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Ether ETFs are close to becoming available for trading in the U.S. after the Securities and Exchange Commission (SEC) approved applicants' filings last month. The regulator must also approve their S-1 filings before the products are cleared to trade.
Firms such as Galaxy say ether ETFs could see $5 billion of net inflows in the first five months, while Bitwise expects $15 billion in their first 18 months. The demand for the planned products is expected to come from independent investment advisers and broker/dealer platforms.
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What to know:
- Ethena's USDe becomes fifth stablecoin to surpass $10 billion market cap in just 609 days, while Tether's dominance continues to slip.
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