Ethereum Exchange-Traded Funds (ETFS) recorded a total worth of $22 million worth of outflows on Tuesday, according to data provided by Analytics Platform SosoValue.
BlackRock’s Ishares Ethereum Trust ETF (ETHA) recorded the largest outflow of $1,182 million. It was followed by the $9.75 million Fidelity Ethereum Fund (Feth).
These products currently record five consecutive days of spills.
Bitcoin ETFs are bleeding money with an influx worth a total of $371 million.
Fidelity moves to allow staking
The launch of Ether ETFS was seen as a fork moment for major Altcoin. However, they were considerably inadequate compared to their Bitcoin counterparts.
The industry was overwhelmed by the lack of staking, allowing investors to gain profits and make the US more competitive in the digital assets space. Furthermore, staking is important to protect your network.
Earlier this week, Fidelity asked regulators to enable ETF staking. If approved, this will be the first etheric ETF that will allow you to wager the underlying assets.
It is worth mentioning that staking is one of the top priorities outlined by the new SEC administration.
ETH continues to slow performance
ETH prices fell to an intraday low of $1,874 earlier today at Bitstasmp Exchange. Major Altcoin has fallen by more than 43% this year.
That said, Consensey CEO Joseph Rubin recently said he couldn’t have been more bullish on cryptocurrency following his recent “shakeout.” “Of course, it’s not financial advice, but we’re either in an epic setup or approaching an epic setup,” Rubin said.
