ETH Sees Highest Weekly Net Outflows as Withdrawals Reach $50 Million

Data from CoinShares has revealed that Ethereum outflows in the last week of June have reached a record high. The data stated that ETH net outflows topped $50 million due to significant withdrawals from investment products and funds. 

Over the last few weeks, Ethereum has experienced considerable price declines which are causing the outflow. It currently is the fourth consecutive week that the cryptocurrency has seen significant outflows. 

The data showed that the net outflow on a weekly basis is 5% of the year-to-date inflow of $942 million. 

Generally, the crypto market has been seeing massive outflows over the past few weeks. In the past week, $44 million worth of cryptocurrencies left investment products and funds. Since mid-May, the net weekly outflow across the crypto space has totaled $31 million, representing about 0.08% of all assets under management (AUM). 

Specifically, Bitcoin recorded outflows totaling about $1.3 million over seven consecutive weeks. Bitcoin investment outflows last month reached $25 million. 

Cryptocurrencies are gradually recovering from recent losses. At the time of writing, Bitcoin has grown nearly 5% to $36,367. Also, BTC’s trading volume has increased by 5.82% in the last 24 hours. Also, Ethereum has climbed 5.28% in the last 24 hours and currently trades at $2,225. 

Meanwhile, China continues its crypto crackdown mission, banning crypto mining operations in the country. 

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