Ethereum-based crypto investment products saw negative outflows for the fourth consecutive week despite positive inflows into other crypto-based investment products.
Ethereum saw $22.5 million worth of outflows last week, in contrast with most of the other top altcoins, according to an April 8 report by CoinShares.
Ethereum’s fourth consecutive week of outflows came despite other top altcoins recording positive inflows. According to the report, Litecoin registered $4.4 million worth of weekly inflows, followed by Solana with $4 million and Filecoin with $1.4 million.
The Ether (ETH) price rose 6.8% in the 24 hours leading up to 11:45 am UTC to change hands at $3,625. The world’s second-largest cryptocurrency is up 2.3% on the week but down 8.2% over the past month, according to CoinMarketCap data.
Solana is often touted as one of the most promising “Ethereum killers” due to its scalability and high transaction throughput. Its native token has also been outperforming Ether. Solana’s (SOL) token rose 24% during the past month, while Ether fell over 6.2%, according to TradingView data.
Despite $646 million worth of weekly inflows into digital asset investment products, investor appetite for exchange-traded funds (ETFs) may be on the decline, according to CoinShares.
Since spot Bitcoin ETFs were approved in January, they have massed over 834,000 Bitcoin worth $60.4 billion in total on-chain holdings. ETFs have accumulated 4.24% of the current BTC supply, according to Dune data.
Short Bitcoin investment products saw outflows for the third consecutive week, totaling $9.5 million, suggesting “minor capitulation among bearish investors,” according to CoinShares.