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Investors Worried About Merge As Ethereum Leads Bitcoin In $62M Crypto Outflows

Ethereum (CRYPTO: ETH) funds saw the largest amount of outflows this week as institutional investors took stock of the network’s upcoming merge to proof-of-stake.

Benzinga · 09/13/2022 10:33

Ethereum (CRYPTO: ETH) funds saw the largest amount of outflows this week as institutional investors took stock of the network’s upcoming merge to proof-of-stake.

What Happened: In a Sept 12 report examining the extent of digital asset fund weekly outflows, CoinShares observed that crypto funds saw $62 million worth of net outflows over the last week.

Ethereum (CRYPTO: ETH) saw the single-largest outflows among crypto assets with $61.6 million worth of outflows. Meanwhile, the leading digital asset Bitcoin (CRYPTO: BTC) saw $13 million worth of outflow, marking its fifth consecutive week of outflows. Short Bitcoin funds saw $10.6 million worth of inflows over the week.

Other altcoins like Cardano (CRYPTO: ADA), Solana (CRYPTO: SOL) and Ripple (CRYPTO: XRP) saw moderate inflows of $400,000, $300,000 and $100,000 respectively.

CoinShares head of research James Butterfill attributed the large number of ETH outflows to a “concern amongst investors” that the Merge might not go through despite the fact that all signs point to the network transitioning to proof-of-stake as planned on Sept. 13.

According to data from Ethernodes, more than 84% of nodes have already updated their clients to be ready for the merge at the time of writing. To further emphasize its imminence, Alphabet Inc.’s  (NASDAQ:GOOG) (NASDAQ:GOOGL) included an easter egg on its search page.

See Also: What Is Ethereum?

Price Action: At press time, BTC was trading at $22,470, up 2.55% over 24 hours. ETH was trading at $1,713, down 1.1% over the same period.