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Ethereum-based Investment Products See Largest Outflows in 2 Years
During the last week of June, Ethereum exchange-traded products experienced a tumultuous period, with the largest outflow recorded since August 2022.
Based on CoinShares’ weekly analysis, investors withdrew a total of $61 million from Ether investment products between June 24-29. This brings the two-week outflow to $119 million and June’s total balance to $37 million in withdrawn funds.
As a result, Ether funds have been the worst-performing asset in terms of net flows year-to-date, with $25 million taken out so far.
Despite the approval of Ether exchange-traded funds (ETFs) by the United States Securities and Exchange Commission (SEC) in May, the cryptocurrency saw a decline of over 8.7% in June. Analysts predict that the eight approved ETFs will launch in the coming weeks.
According to Bloomberg ETF analysts Eric Balchunas and James Seyffart, the SEC has recently requested that potential issuers resubmit their S-1 forms by July 8, which could push the ETFs’ debut to mid-July or later. Bitwise estimates that these funds will attract a total of $25 billion by the end of 2025.