In a notable shift, professional investors have withdrawn over $120 million from ether (ETH)-linked exchange-traded products (ETPs) over the past fortnight, according to a report by crypto firm CoinShares released on Monday.

These ether-tracked products experienced net outflows of $60 million each week, marking the most substantial exodus since August 2022. Conversely, multi-asset and bitcoin (BTC) ETPs saw inflows of $18 million and $10 million, respectively, hinting at a potential change in market sentiment.

Ether ETFs are on the cusp of trading availability in the United States following the Securities and Exchange Commission’s (SEC) approval of initial filings last month. However, the SEC must also endorse their S-1 filings before these products can commence trading.

Industry experts, including those from Galaxy, predict that ether ETFs could attract $5 billion in net inflows within their first five months. Bitwise anticipates these products could garner $15 billion over their initial 18 months. The expected demand for these planned ETFs is projected to stem from independent investment advisors and broker/dealer platforms.