Key Points
Investment products based on Ethereum have been experiencing a downward trend in terms of outflows for the fourth week in succession.
This is in contrast to the positive inflows observed in other crypto-based investment products.
Ethereum Vs. Other Altcoins
The outflows from Ethereum amounted to $22.5 million last week, setting it apart from most other top altcoins, as reported by CoinShares on April 8.
Despite Ethereum’s continued outflows, digital asset investment products witnessed positive sentiment, with inflows totaling $646 million last week.
The year-to-date inflows, standing at $13.8 billion, are at an all-time high, significantly surpassing the $10.6 billion seen in 2021.
While Ethereum suffered outflows for the fourth week in a row, other top altcoins recorded positive inflows.
Litecoin registered $4.4 million worth of weekly inflows, trailed by Solana with $4 million, and Filecoin with $1.4 million.
The price of Ether (ETH) increased by 6.8% in the 24 hours leading up to 11:45 am UTC, with the cryptocurrency trading at $3,625.
Despite being up 2.3% over the week, it fell 8.2% over the past month.
Solana is often highlighted as a potential “Ethereum killer” due to its scalability and high transaction throughput.
Its native token has also been outperforming Ether, with Solana’s (SOL) token rising 24% over the past month, while Ether fell over 6.2%.
Investor Appetite for ETFs
Although digital asset investment products saw weekly inflows of $646 million, there are signs that investor appetite for exchange-traded funds (ETFs) may be waning.
According to CoinShares, ETF investors’ appetite seems to be moderating, with weekly flow levels not reaching those seen in early March, and volumes last week falling to $17.4 billion compared to $43 billion in the first week of March.
Since the approval of spot Bitcoin ETFs in January, they have amassed over 834,000 Bitcoin worth $60.4 billion in total on-chain holdings.
ETFs have accumulated 4.24% of the current Bitcoin supply.
Bitcoin investment products experienced outflows for the third week in a row, totaling $9.5 million, suggesting a “minor capitulation among bearish investors.”
