The post Ethereum Faces Massive Outflows! What’s Happening? appeared first on Stablecoin Vs Fiat Currencies: Features, difference, And Factors
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.