Professional investors withdrew over $120 million from ether (ETH)-tracked exchange-traded products in the past two weeks, crypto firm CoinShares said in a Monday report.

Such products recorded $60 million in net outflows each the past two weeks, the most since August 2022. Elsewhere, multiasset and bitcoin (BTC) ETPs recorded inflows at $18 million and $10 million, respectively, suggesting sentiment may be turning.

Ether ETFs are close to becoming available for trading in the U.S. after the Securities and Exchange Commission (SEC) approved applicants' filings last month. The regulator must also approve their S-1 filings before the products are cleared to trade.

Firms such as Galaxy say ether ETFs could see $5 billion of net inflows in the first five months, while Bitwise expects $15 billion in their first 18 months. The demand for the planned products is expected to come from independent investment advisers and broker/dealer platforms.

ETH Trading Investing ETPs Fund flows

Shaurya Malwa

Shaurya is the Co-Leader of the CoinDesk tokens and data team in Asia with a focus on crypto derivatives, DeFi, market microstructure, and protocol analysis. Shaurya holds over $1,000 in BTC, ETH, SOL, AVAX, SUSHI, CRV, NEAR, YFI, YFII, SHIB, DOGE, USDT, USDC, BNB, MANA, MLN, LINK, XMR, ALGO, VET, CAKE, AAVE, COMP, ROOK, TRX, SNX, RUNE, FTM, ZIL, KSM, ENJ, CKB, JOE, GHST, PERP, BTRFLY, OHM, BANANA, ROME, BURGER, SPIRIT, and ORCA. He provides over $1,000 to liquidity pools on Compound, Curve, SushiSwap, PancakeSwap, BurgerSwap, Orca, AnySwap, SpiritSwap, Rook Protocol, Yearn Finance, Synthetix, Harvest, Redacted Cartel, OlympusDAO, Rome, Trader Joe, and SUN.