Last week, Ethereum ETPs saw the largest single week of outflows since the Merge

Over the past week, $36 cardinal flew retired of Ethereum (ETH) exchange-traded products (ETPs), according to CoinShares data. This outflow of funds from Ethereum ETPs was the largest observed successful a azygous week since the Merge successful September 2022.

This outflow of funds from Ethereum ETPs was the largest observed successful a azygous week since the Merge successful September 2022, a important lawsuit successful Ethereum’s past that progressive the modulation from proof-of-work to proof-of-stake statement mechanism.

ETPs are concern products that supply vulnerability to the terms movements of Ethereum oregon different integer assets.

Despite the outflows, however, Ethereum ETPs fared amended compared to Bitcoin (BTC) concern products. The outflows from Ethereum ETPs represented lone 0.6% of assets nether absorption (AUM).

Bitcoin ETPs continued to suffer funds for the 8th consecutive week. Bitcoin ETP outflows reached $52 million, bringing the full outflow implicit 8 weeks to $254 million, representing 1.2% of AUM. Short-Bitcoin ETPs mislaid $1.1 million, portion its 7-week outflows equaled 44% of assets nether management, the information shows.

Litecoin (LTC), XRP (XRP), and Solana (SOL) ETPs saw insignificant inflows implicit the past week, the information indicates. Polygon (MATIC), however, saw outflows during the period. Overall, astir large altcoins (except Tron) person seen inflows year-to-date, portion Bitcoin and Ethereum person seen outflows.

Overall, integer plus concern products saw outflows worthy $88 cardinal past week. The full outflows implicit the past 8 weeks reached $417 million, per the data. Between April and June of 2022, integer plus concern products saw outflows for 12 consecutive weeks.

Explaining the crushed down the consecutive weeks of outflows from integer plus concern products, CoinShares noted:

“We believe, similar past year, that this is monetary argumentation related, with presently nary wide extremity successful show to involvement complaint rises, leaving investors cautious.”

The station Last week, Ethereum ETPs saw the largest azygous week of outflows since the Merge appeared archetypal connected CryptoSlate.