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Ethereum Faces Massive Outflows! What’s Happening?

Written by: Qadir AK

Written by right arrow

Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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Sep 20, 2022

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Even though the Ethereum upgrade went smoothly, the asset’s price has tumbled down significantly since the Merge. This contradicts all the assumptions that people had about the merger luring large investors into the ecosystem. Just about five days before the transition took place on September 15, ETH had hit $1,800. Today, ETH’s price has sunk below $1,300.

Additionally, the investment products linked with ETH saw a fourth straight week of outflows in the period that ended September 16. According to CoinShares, the amount that was drawn exceeded new money added by $15.4 million. This wasn’t an across-the-board trend in crypto. On the contrary, funds that invest in bitcoin (BTC), which is ETH’s biggest rival, managed to get past a five-week streak of outflows as investors added a net $17.4 million.

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