Ethereum saw record outflows last week, as investors pulled $13 million from the second largest cryptocurrency

Ethereum saw record outflows last week, as investors pulled $13 million from the second largest cryptocurrency

Ethereum products were hit with outflows of $12.7 million in early June, the biggest decline on record as institutional investors were working out their views on the blockchain's digital token after serving as a pillar of support during bitcoin's recent plunge. The data from CoinShares, a digital currency management firm, came in an update published Monday which also said outflows from digital assets last week reached $21 million, marking a second straight week of negative net investment. The moves in ethereum marked a shift from the prior week when inflows were $33 million, illustrating that the remained the top choice in so-called altcoins among investors. "Ethereum has been the stalwart relative to bitcoin over recent months but inflows over the course of last week were mixed, implying mixed opinions amongst investors," said CoinShares in its update. The price of ether dropped about 12% in the week ended June 11 and fell below $2,400. the world's most traded cryptocurrency, was rocked by a recent selloff that began in May stemming in part from threats from China about cracking down on mining and trading and cryptocurrency taxation efforts by US officials. But bitcoin outflows of $10 million last week were sharply less