Net outflows from cryptocurrency funds added to a total of $44 million last week, marking the 4th week in recession. Ethereum products had a net outflow of $50 million last week, the largest on record since 2015 according to a recent report by CoinShares. Ethereum and its products had a significant boost coming into the year 2021 as investors diversified away from Bitcoin, and now the trend is reversing.
At the time of this article, Ethereum is trading at $2,223.04, marking a nice gain of 5.64% since the beginning of the day. As a matter of fact, the entire cryptocurrency market is on the rise today, as the outflow of capital alerted some investors and funds to take advantage of the lower price, creating a demand boost. On top of that, the Ethereum transaction cost also known as gas fees are at a 6-months low as the market cools down. The price surge has good momentum at this time, as investors jump back in with the bull trend.
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