The upcoming Ethereum merge has created uncertainty among institutional investors. Despite the uptick in the price of Ether (ETH), the native token of the Ethereum blockchain, the asset has been the primary focus of outflows in terms of digital asset funds.
The data was first highlighted by Coinshares' Digital Asset Fund Flows Weekly Report. Per the report, crypto investment products saw outflows totaling $63million in the last week. Outflows attributed to ETH amounted to $62 million of this amount.
"Digital asset investment products saw outflows totaling US$63m… Ethereum was the primary focus of the outflows, totaling US$62m last week, this comes despite the improved certainty of the Merge," the report said.
It adds that the week's performance, while relatively small in size in comparison to other weeks' movements, makes the fifth consecutive week in which crypto funds have seen outflows. It also notes that the outflow "perhaps highlights a concern amongst investors that the event...
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