If CoinShares data is to be believed, wealthy investors are currently selling their Ethereum en masse. Ethereum-related institutional investment products have not seen such large outflows as last week since August 2022.
Worst performing asset of the year
CoinShares produces a weekly report on the inflows and outflows of crypto investment funds for institutional investors.
“Ethereum saw the largest outflow since August 2022 with a total of $61 million, bringing the chart to $119 million in outflows over the past two weeks.
“With those numbers, Ethereum is the worst performing asset of the year in terms of capital flows,” according to CoinShares. This is just about cryptocurrencies. Ethereum is not the worst performing financial asset in the world.
Other currencies cautiously positive
So while Ethereum saw a massive outflow of $61 million last week, Bitcoin, Solana and Litecoin did reasonably well with inflows of $18 million, $1.6 million and $1.4 million.
Chainlink and XRP also saw inflows of $0.6 and $0.3 million.
Over the entire week, there was a small outflow on the boards with an outflow of 30 million. It is particularly striking that investors are now selling their Ethereum products.
The reason for the Ethereum outflows is likely in the chart above. The so-called “discount” on the Grayscale Ethereum Trust has dropped to around 1.29% as the ETF is on its way.
As a result, the fund’s shares are now worth almost as much as the Ethereum they manage. That hasn’t been the case for a long time, which is why investors in this fund are now likely to sell.
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Source: https://newsbit.nl/rijke-investeerders-verkopen-massaal-ethereum/
