TechFlow news, according to CoinDesk, ETC Group cited Bloomberg data in its weekly report showing that global Ethereum ETPs experienced net outflows of approximately $63.5 million last week, with Hong Kong-listed exchange-traded funds (ETFs) suffering the largest losses. Meanwhile, Bitcoin ETPs brought in $92.5 million during the same period.
Reasons for the ETH outflows include intense competition among Layer 1 blockchains and ongoing uncertainty regarding the approval of spot ETH ETFs in the United States.
"The approval of spot Bitcoin ETFs in the U.S. has reinforced Bitcoin’s narrative as a store of value and its status as a macro asset," David Han, research analyst at Coinbase, said in a report on Wednesday. "On the other hand, questions about ETH’s fundamental positioning within the crypto space remain unresolved. Competitive Layer 1s like Solana are undermining Ethereum’s position as the 'go-to' network for decentralized application (dApp) deployment."
