(Bloomberg) — US exchange-traded funds investing directly in Ether have been hit by their longest run of daily withdrawals since launching in July 2024, underscoring shaky demand for the second-largest cryptocurrency.
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The group of nine ETFs have shed about $415 million across 13 straight days of net outflows, according to data compiled by Bloomberg. Bitcoin ETFs in the US, by contrast, have rebounded from a period of waning investor demand to post six consecutive days of net inflows up until March 21.
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Ether is the native token of the Ethereum blockchain, which underpins some of the most commercially significant decentralized finance tools in the digital-assets industry. Dogged by concerns over Ethereum’s leadership and strategy, the token is down about 40% over the past year. A broader cryptocurrency index posted a modest 10% gain during the same period.
In a note last week, Standard Chartered cut its year-end price target for Ether by 60% to $4,000, citing concerns over Ethereum’s scalability. The blockchain “has essentially commoditized itself within its self-created Layer-2 framework,” casting doubt on its long-term competitive edge, the bank said in a note.
Ether was trading at $2,074 as of 8:05 a.m. in London.
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