Ethereum, the second-most valuable digital asset in the world, experienced massive outflows during the past seven days, despite significant volatility in its price.
The latest report on digital asset fund flows published by CoinShares shows that Ethereum investment products saw an outflow of approximately $50 million last week. This is the highest amount ever recorded.
Overall, crypto investments products experienced a fourth consecutive week with outflows. The total $44 million was taken from digital asset investment products. The negative sentiment in crypto markets has resulted to net outflows of $313 million per week since May 2, which is close to 0.8% of total digital assets under management. Contrary to the recent spike in Ethereum outflows Bitcoin saw minor outflows of $1.3 million.
Ethereum Price Action
On 12 May 2021, Ethereum reached an all-time record high of $4300 and crossed the $500 billion mark. The price has been falling since then. The price of Ethereum has fallen more than 50% due to negative sentiment in crypto markets. Despite this negative sentiment, Ethereum’s price has seen a strong recovery from the beginning of the week. ETH rose from $1,800 Monday 28 June to $2,130 in the Asian session on 29 Juni. Ethereum trades above $2,100, with a market capital of around $245 billion as of this writing.
According to Santiment, top 10 non-exchange Ethereum Whale addresses now hold more than 19,000,000 coins, according to crypto analytics and blockchain firm. This is the highest recorded level.