Ethereum trades under $4,300 with outflows from spot ETFs continuing to ooze
Weekly outflows have climbed to $866.5 million for the first time.
As ethereum sticks in the $4,200 and $4,300 range, daily outflows from ethereum US spot ETFs haven’t stopped, extending to a four-day streak.
On Wednesday, outflows stood at over $240 million, as iShares Ethereum Trust ETF saw nearly $257.8 million in outflows that were only slightly offset by Grayscale and Fidelity’s positive inflows for the day.
The week’s total outflows total to $866.5 million, the first time the funds have reached this mark, data from SoSoValue shows.
In other ethereum news:
On Thursday, Singapore-based DBS Bank announced it will tokenize structured notes on ethereum, the company’s first tokenized product aimed at addressing institutional appetite for digital assets. “With this initiative, a broader segment of investors can now tap our digital asset ecosystem to build exposure to the asset class,” Li Zhen, head of foreign exchange and digital markets at DBS, said in a statement.
The Ethereum Foundation is starting the next stage of its “Trillion Dollar Security Project” by focusing on UX issues for crypto wallets. “Our research showed these to be the most urgent issues facing both individual and institutional users of Ethereum and Ethereum-based applications,” a Wednesday blog post said.
Meanwhile, the US Department of the Treasury has filed a request for public comments for input on methods to identify illicit activity with digital assets, such as digital identity verification techniques “by decentralized finance (DeFi) services’ smart contracts to automatically check for a credential before executing a user’s transaction,” according to a notice filed this week.
