Institutional investors have been bearish toward Ethereum for a while now. There have been outflows rocking the digital asset until it ended its 11-week streak with inflows for last week. However, this does not mean that positive sentiment had returned entirely to the cryptocurrency once more. The numbers on the CME show that institutional investors remain wary and even bearish toward the second-largest cryptocurrency in the market. Ethereum Falls Into The Negative The Ether futures on the CME have been trading on a negative basis lately, which basically means they are trading below spot. This has caused the Ether Futures on the come to decline to the lowest they have ever been since inception. The Ether-denominated open interest on the CME had previously claimed a new all-time high back in April. But since then, has continued to decline, with more drops recorded over the last weekend. This has spelled a bad streak for the month of June. Related Reading | Outflows Rock Bitcoin As Institutional Investors Pull The Plug, More Downside Coming? As the month draws to a close, the three-month Ether basis has now decoupled from bitcoin and has been trading below spot, which had been recorded on June 23rd. Hence marking the first time that the Ether basis would ever decline so low. ETH futures on CME in decline | Source: Arcane Research Asset managers have now moved to a predominantly bearish stand following this. It has been...
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