Monday saw a significant dip in institutional demand for Ether, as outflows from Ether exchange-traded funds (ETFs) exceeded $79 million.
This is the largest outflow since July and highlights a decline in institutional interest for the world’s second-biggest cryptocurrency.
These figures, the highest since July 29 when $98 million left ETH ETFs, have been recorded by SoSoValue data.
This is also the fourth-highest outflow since ETFs went live on July 23. The majority of Monday’s outflows came from Grayscale’s ETHE product, with Bitwise’s ETHW seeing inflows of just over $1.3 million. Other products did not show any significant inflow or outflow activity.
Despite a recent rally in the crypto market, driven by Federal Reserve rate cuts, with Ether prices rising 11% in the past week, the significant outflows suggest that investors are still uncertain about the long-term growth prospects of the asset.
This is seen in the disconnect between ETH’s price momentum and ETF outflows.
