Ethereum ETFs Experience Significant Outflows

According to data provided by analytics platform SoSoValue, Ethereum exchange-traded funds (ETFs) logged a total of $22 million worth of outflows on Tuesday.

BlackRock’s iShares Ethereum Trust ETF (ETHA) recorded the biggest outflows of $11.82 million, followed by the Fidelity Ethereum Fund (FETH) with $9.75 million.

These products have now experienced five consecutive days of outflows.

Bitcoin ETFs Also Facing Challenges

Bitcoin ETFs are also struggling, with total outflows amounting to $371 million.

Fidelity Moves to Enable Staking

The launch of Ether ETFs was viewed as a watershed moment for the leading altcoin. However, they are significantly underperforming compared to their Bitcoin counterparts.

The industry expressed disappointment over the lack of staking, which would help boost investor profits by allowing them to earn yield and enhance the U.S.’s competitiveness in the digital asset space. Staking is also vital for safeguarding the network.

Earlier this week, Fidelity asked regulators to enable staking for its ETF. If approved, this would be the first Ether ETF that allows staking of underlying assets.

It is important to note that staking was one of the top priorities outlined by the new SEC administration.

ETH Continues to Underperform

The ETH price dipped to an intraday low of $1,874 earlier today on the Bitstamp exchange, down over 43% this year.

Despite this, Consensys CEO Joseph Lubin stated that he has never been more bullish on the cryptocurrency following the recent “shakeout.” Lubin remarked, “Not financial advice, of course, but we are either in, or approaching an epic setup.”