Cryptocurrencies
Merge Hype Prompts Investors to Pull Cash From Ethereum ETP
- ETHQ saw three days of outflows ahead of blockchain upgrade
- Holding token instead of products is beneficial: Ouellette
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Investors are pulling cash out of exchange-traded products tied to Ether, the world’s second-most-valuable cryptocurrency, ahead of the much-anticipated upgrade of its underlying Ethereum blockchain, which is expected to take place as early as Wednesday.
Leading up to the upgrade, dubbed the Merge, 3iQ CoinShares Ether ETF (ticker ETHQ), with nearly $20 million in assets, saw three straight days of outflows to the tune of about $66 million -- the largest amount of outflows in one-week among crypto ETPs.