Ethereum ETFs Log Nearly $22 Million Worth 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 Ether 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 US 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 Bitstasmp 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