Ethereum ETFs have logged fifth consecutive day of 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. It was followed by Fidelity Ethereum Fund (FETH) with $9.75 million. These products have now recorded five consecutive days of outflows. Bitcoin ETFs are also hemorrhaging money, with a total of $371 million worth of inflows.
Fidelity moves to enable staking
The launch of Ethereum ETFs was viewed as a watershed moment for the leading altcoin. However, they significantly underperformed compared to their Bitcoin counterparts. The industry was underwhelmed by the lack of staking, which would make it possible to boost investor profits by allowing them to earn yield and make the U.S. more competitive in the digital asset space. Moreover, staking is crucial for safeguarding the network.
Earlier this week, Fidelity asked the regulator to enable staking for its ETF. If approved, this would be the very first Ether ETF that makes it possible to stake underlying assets. It is worth mentioning that staking was one of the top priorities outlined by the new SEC administration.
ETH keeps underperforming
The ETH price dipped to an intraday low of $1,874 earlier today on the Bitstamp exchange. The leading altcoin is down by more than 43% this year. That said, Consensys CEO Joseph Lubin recently stated that he had never been more bullish on the cryptocurrency following the recent “shakeout.” “Not financial advice, of course, but we are either in, or approaching an epic setup,” Lubin said.
