Bitcoin
BTC$56 409.75

0.06%

Ethereum
ETH$4 502.38

0.10%

Binance Coin
BNB$613.96

0.16%

Tether
USDT$1.001459

0.11%

Solana
SOL$230.69

2.82%

Cardano
ADA$1.68

9.42%

Institutions turn bearish on ETH as record $50M exits Ether investment products


29 Jun 2021

#Ethereum

Ether investment products have suffered record outflows this past week, while Bitcoin flows have begun to stabilize. Ethereum investment products have experienced a record outflow of $50 million this past week, signaling bearish sentiment among institutional investors.

According to the CoinShares' “Digital Asset Fund Flows Weekly” report, Ether products have now experienced outflows for three consecutive weeks, with $64.3 million leaving the sector since the week ending June 6.

Despite the drawdowns, $943 million has flowed into Ether investment products since the start of 2021. The crypto investment product sector saw outflows overall for the fourth consecutive week, with $44 million exiting the sector over the past seven days. The report estimates that $313 million has been withdrawn from institutional crypto products since mid-May.

While crypto products saw outflows broadly this past week, Ether experienced the largest exodus of capital, with Bitcoin outflows slowing to $1.3 million — down from $89 million for the previous week. There have now been seven consecutive weeks of BTC outflows since early May. Some funds saw minor inflows to their Bitcoin products, including Grayscale, suggesting mixed sentiment amongst investors regarding BTC.

CoinShares also noted that multi-assets have continued to defy the trend by again posting weekly inflows, stating:

“Multi-digital asset investment products continued to buck the negative trend with inflows of US$6m last week, suggesting that investors continue to favour digital assets but are keen to diversify.”

Exposure to institutional crypto investment products reached record levels during the height of the bull market earlier this year, however, investors have been taking profits during the downturn. The second and third largest crypto asset managers, CoinShares and 3iQ, had the highest total outflows of assets with $56.4 million and $27.1 million for the week respectively. Industry leader, Grayscale, remained relatively stable with a minor inflow of $1.3 million for the week.

Ethereum investment products had been outperforming Bitcoin in recent months — with Ether products experiencing inflows while BTC products suffered drawdowns less than one month ago — but the institutional appetite for the world’s second-largest crypto asset appears to be waning.

At the time of writing, ETH prices were trading up 8.5% on the day at $2,135, while BTC was changing hands for $34,900 after gaining 1.8% over the past 24 hours, according to CoinGecko.


Related

Eth2 devs call on to community to help test out the merge
Eth2 devs call on to community to help test out the merge
Stocks lurch pressured crypto on Friday
Stocks lurch pressured crypto on Friday
Traders expect Ethereum price to drop further ahead of Friday’s $550M options expiry
Traders expect Ethereum price to drop further ahead of Friday’s $550M options expiry
Cryptocurrencies in FinTech
Cryptocurrencies in FinTech
Traders watch for a trend reversal after Ethereum price drops to $4,100
Traders watch for a trend reversal after Ethereum price drops to $4,100
Bitcoin and Ether increasingly move in line with stock market laws
Bitcoin and Ether increasingly move in line with stock market laws
Rocket Pool Eth2 staking service launches, hits stage two cap in 45 seconds
Rocket Pool Eth2 staking service launches, hits stage two cap in 45 seconds
Ethereum Name Service’s new token already has a fully diluted cap of $3.1B
Ethereum Name Service’s new token already has a fully diluted cap of $3.1B
Bitcoin price hits 1-week high in minutes on sudden $1.5K gains
Bitcoin price hits 1-week high in minutes on sudden $1.5K gains

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 75.2% 52 $56 409.75 0.06% -2.61% $1 065 549 908 073 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 82.8% 32 $4 502.38 0.10% 1.67% $533 908 042 006 ETH 7 days price change
3 Binance Coin (BNB) BNB Binance Coin predictions 80% 34 $613.96 0.16% -1.92% $102 409 523 073 BNB 7 days price change
4 Tether (USDT) USDT Tether predictions 93.2% 1 $1.001459 0.11% 0.10% $74 211 260 312 USDT 7 days price change
5 Solana (SOL) SOL Solana predictions 70% 59 $230.69 2.82% 12.10% $70 507 890 122 SOL 7 days price change
6 Cardano (ADA) ADA Cardano predictions 63.6% 75 $1.68 9.42% 2.11% $56 038 092 489 ADA 7 days price change
7 XRP (XRP) XRP XRP predictions 68% 69 $0.970535 0.13% -6.02% $45 855 154 609 XRP 7 days price change
8 USD Coin (USDC) USDC USD Coin predictions 95.6% 2 $1.001277 0.27% 0.17% $39 103 668 339 USDC 7 days price change
9 Polkadot (DOT) DOT Polkadot predictions 62% 77 $35.59 1.24% -7.80% $35 145 425 116 DOT 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 59.2% 80 $0.207628 1.70% -4.69% $27 481 399 440 DOGE 7 days price change
11 Terra (LUNA) LUNA Terra predictions 69.6% 68 $66.93 5.65% 52.44% $25 971 315 011 LUNA 7 days price change
12 Avalanche (AVAX) AVAX Avalanche predictions 61.2% 75 $106.73 -8.36% -7.72% $23 904 356 191 AVAX 7 days price change
13 SHIBA INU (SHIB) SHIB SHIBA INU predictions 65.6% 78 $0.000041 -1.75% 1.32% $22 616 002 259 SHIB 7 days price change
14 Crypto.com Chain (CRO) CRO Crypto.com Chain predictions 56% 89 $0.688991 -2.59% -6.99% $17 405 985 331 CRO 7 days price change
15 Polygon (MATIC) MATIC Polygon predictions 68.4% 63 $2.11 0.94% 13.42% $14 799 705 460 MATIC 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2021 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.