Bitcoin
BTC$48 023.28

-0.71%

Ethereum
ETH$3 563.80

-1.89%

Cardano
ADA$2.42

-2.23%

Binance Coin
BNB$421.22

-2.55%

Tether
USDT$1.000499

0.02%

XRP
XRP$1.093567

-2.51%

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 The report estimates that $313 million has been withdrawn from institutional crypto products since mid-May.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

Ethereum price metrics back traders confidence in $3,800 ETH
Ethereum layer-twos reportedly processing more transactions than Bitcoin
Top up with stablecoins at FreshForex
Ethereum's rise to No.1 crypto seems unstoppable
Cryptocurrency derivatives market shows growth despite regulatory FUD
Eth2 staking contract ranks as single-largest Ether hodler with $21.5B
Reasons why Ethereum is unlikely to flip Bitcoin any time soon
Ethereum approaches $3K resistance as Bitcoin price rebounds toward $40K
Ethereum network burns $395K ETH per hour after London upgrade

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap Volume 24h
1 Bitcoin (BTC) BTC Bitcoin predictions 86.4% 24 $48 023.28 -0.71% 3.44% $903 705 648 774 $30 868 405 829
2 Ethereum (ETH) ETH Ethereum predictions 72% 52 $3 563.80 -1.89% 4.12% $418 950 530 113 $18 493 669 977
3 Cardano (ADA) ADA Cardano predictions 68% 64 $2.42 -2.23% -3.43% $77 683 489 177 $3 095 901 217
4 Binance Coin (BNB) BNB Binance Coin predictions 63.6% 70 $421.22 -2.55% -0.83% $70 821 892 729 $1 657 577 581
5 Tether (USDT) USDT Tether predictions 96% 1 $1.000499 0.02% 0.05% $68 288 037 795 $74 172 515 331
6 XRP (XRP) XRP XRP predictions 70.4% 55 $1.093567 -2.51% -3.05% $50 984 520 461 $3 018 193 479
7 Solana (SOL) SOL Solana predictions 58.4% 89 $146.88 -7.34% -21.00% $43 597 219 268 $3 263 512 936
8 Polkadot (DOT) DOT Polkadot predictions 59.2% 83 $36.36 1.92% 15.42% $35 909 826 746 $2 318 625 572
9 Dogecoin (DOGE) DOGE Dogecoin predictions 69.2% 65 $0.254974 3.69% 0.76% $33 480 789 211 $1 873 594 606
10 USD Coin (USDC) USDC USD Coin predictions 92% 1 $1.000186 0.02% 0.01% $29 230 519 112 $2 845 039 489
11 UniSwap (UNI) UNI UniSwap predictions 69.6% 56 $25.82 -4.67% 9.72% $15 791 177 382 $595 594 004
12 Terra (LUNA) LUNA Terra predictions 66.4% 67 $36.20 -0.80% 12.70% $14 549 248 511 $1 555 371 086
13 Avalanche (AVAX) AVAX Avalanche predictions 67.6% 69 $64.76 6.83% 48.17% $14 265 392 957 $2 603 032 868
14 Chainlink (LINK) LINK Chainlink predictions 73.6% 56 $29.85 -5.29% 4.13% $13 491 251 604 $1 523 058 445
15 Binance USD (BUSD) BUSD Binance USD predictions 90.8% 1 $1.000197 0.01% 0.02% $12 747 342 580 $6 385 206 639

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.