This week, analytics platform SoSoValue recorded significant outflows from exchange-traded funds based on Ethereum.
Outflows in Ethereum Funds
According to SoSoValue, Ethereum-based ETFs logged $22 million in outflows on Tuesday. The biggest outflows were recorded by BlackRock's iShares Ethereum Trust ETF, losing $11.82 million, followed by Fidelity's fund with $9.75 million.
Fidelity's Staking Development Strategies
While the launch of Ether ETFs marked a significant step for the crypto industry, they have underperformed compared to Bitcoin ETFs. Fidelity has approached regulators to enable staking for its ETFs, which could be a first step towards improving the situation.
Market Trends and Ethereum Prospects
The ETH price dipped to $1,874 on the Bitstamp exchange, marking over a 43% decline this year. Despite this, Consensys CEO Joseph Lubin expressed optimism about the cryptocurrency's future, noting the current situation could be the basis for a new 'epic' market setup.
The current state of Ethereum fund markets highlights the need for adapting new tools and strategies such as staking to improve competitiveness on the global stage.
