[Ethereum fund faces $23 million in outflows due to ETF uncertainty]
Ethereum (ETH) crypto funds saw weekly outflows of more than $23 million, although digital asset products attracted $932 million in inflows during the same period, according to data from asset management firm CoinShares. Such outflows are related to skepticism about the possibility of the U.S. Securities and Exchange Commission (SEC) approving an Ethereum spot exchange-traded fund (ETF).
Bitcoin remained the most popular asset, attracting $942 million in inflows, while inflows targeting short-term Bitcoin were almost negligible, indicating a generally positive outlook for investors. Other Altcoins also experienced inflows, with Solana, Chainlink, and Cardano attracting $4.9 million, $3.7 million, and $1.9 million respectively.
Total trading volume for the week was just $10.5 billion, compared with $40 billion in March. The increase in inflows appeared to be a direct response to Wednesday's lower-than-expected Consumer Price Index (CPI) report, with the latter three sessions accounting for 89% of the week's inflows. This pattern suggests that Bitcoin price is once again closely tied to interest rate expectations.
Geographically, the United States led the way with $1 billion in inflows. Grayscale has experienced massive outflows of $16.6 billion since launching the ETF in January, but in a notable turnaround, Grayscale saw its first inflow of $18 million.
Switzerland and Germany also recorded smaller inflows, at $27 million and $4.2 million respectively. By contrast, Hong Kong and Canada faced outflows of $83 million and $17 million.
Blockchain equity has faced challenges this year, with outflows occurring in 14 of 20 weeks, with cumulative outflows totaling $512 million.
