The cryptocurrency market has witnessed a significant shift in investor sentiment, with Ethereum recording its largest weekly outflow since August 2022, while Bitcoin saw an inflow. According to a recent report by CoinShares, Ethereum's outflow totaled $61 million, marking the third consecutive week of outflows. In contrast, Bitcoin-related exchange-traded products (ETPs) saw an inflow of $10 million, a significant improvement from the previous week's outflow of $630 million.

The report also revealed that multi-asset ETPs attracted $18 million in inflows, while other altcoin-related ETPs, such as Solana, Litecoin, Chainlink, and XRP, also recorded positive net flows. However, Ethereum's outflow was the largest, totaling $119 million in two weeks, making it the worst-performing asset year-to-date (YTD) in terms of net flows.

The development comes as the market anticipates the approval of spot Ethereum exchange-traded funds (ETFs) by the SEC. Despite the outflows, Ethereum's assets under management (AUM) across ETPs stood at $14.35 billion.

Regional flows also showed interesting trends, with the United States, Brazil, and Australia witnessing inflows, while Germany, Hong Kong, Canada, and Switzerland saw outflows. Grayscale's converted Bitcoin Trust ETF led the outflow, totaling $153 million, while BlackRock's Bitcoin ETF attracted $84 million in inflows.

In conclusion, the cryptocurrency market is witnessing a shift in investor sentiment, with Ethereum recording its largest weekly outflow since August 2022, while Bitcoin saw an inflow. As the market awaits the approval of spot Ethereum ETFs, it remains to be seen how investor sentiment will evolve in the coming weeks.