Ethereum ETH/USD funds saw the largest amount of outflows this week as institutional investors took stock of the network’s upcoming merge to proof-of-stake.
What Happened: In a Sept 12 report examining the extent of digital asset fund weekly outflows, CoinShares observed that crypto funds saw $62 million worth of net outflows over the last week.
Ethereum ETH/USD saw the single-largest outflows among crypto assets with $61.6 million worth of outflows. Meanwhile, the leading digital asset Bitcoin BTC/USD saw $13 million worth of outflow, marking its fifth consecutive week of outflows. Short Bitcoin funds saw $10.6 million worth of inflows over the week.
Other altcoins like Cardano ADA/USD, Solana SOL/USD and Ripple XRP/USD saw moderate inflows of $400,000, $300,000 and $100,000 respectively.
CoinShares head of research James Butterfill attributed the large number of ETH outflows to a “concern amongst investors” that the Merge might not go through despite the fact that all signs point to the network transitioning to proof-of-stake as planned on Sept. 13.
According to data from Ethernodes, more than 84% of nodes have already updated their clients to be ready for the merge at the time of writing. To further emphasize its imminence, Alphabet Inc.’s GOOG GOOGL included an easter egg on its search page.
See Also: What Is Ethereum?
Price Action: At press time, BTC was trading at $22,470, up 2.55% over 24 hours. ETH was trading at $1,713, down 1.1% over the same period.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Visit Benzinga's Crypto Homepage - 1,000,000+ depend on Benzinga Crypto every month