With Ethereum cryptocurrency recently falling below the $2,000 mark, there has been a record $50 million in weekly cash outflows from its investment products, according to digital asset management company CoinShares.
Analysts have observed cash outflows from cryptocurrency-based products over the past four weeks.
"Since mid-May, amid prevailing negative sentiment, weekly net outflows have reached $313m, representing 0.8% of total funds under management (AUM)," the company said in a report.
The current scale of outflows is relatively small compared to the same period in 2018. At that time, the AUM of cryptocurrency-based investment products decreased by a total of 4.9%.
CoinShares noted $6 million in inflows into products based on various crypto-assets other than bitcoin and Ethereum. According to analysts, many investors are looking to diversify their investment portfolios.
As a reminder, CoinShares recorded a record outflow of funds from bitcoin funds in May.