Connect with us
Active Currencies 15250
Market Cap $3,118,082,273,705.90
Bitcoin Share 57.32%
24h Market Cap Change $-2.31

Ethereum weekly inflows hit $34 million – Are ETFs the reason?

2min Read

Ethereum saw its second week of inflows as the market awaits when the newly approved spot ETH ETF will become tradeable. 

ETH

Share this article

  • Year-to-date inflows into crypto products have surpassed $15 billion.
  • Ethereum recorded its second week of inflows.

Digital asset investment products recorded inflows totaling $185 million last week, marking the fourth consecutive week of inflows, digital asset investment firm CoinShares found in its new report.

Although this marked an 82% decline from the $1.05 billion recorded in inflows the previous week, it still pushed May’s inflows to $2 billion. Also, it brought the year-to-date (YTD) inflows into cryptocurrency funds above the $15 billion mark.

According to the digital asset investment firm, trading volumes declined during the week under review. They totaled $8 billion, a 38% drop from the $13 billion registered the previous week

At the end of the week, as observed by CoinShares, the total assets under management (AUM) for crypto-based investment products were above $97 billion. This was a 1.3% decline from the $98.43 billion recorded the previous week

Regionally, most of last week’s flows into crypto funds came from the U.S. According to CoinShares:

“The majority of inflows were from the US, seeing a net US$130m, although incumbent ETF issuer outflows rose to US$260m. Switzerland saw its second largest week on inflows this year at US$36m, while Canada saw a turnaround with inflows of US$25m despite seeing a net outflow in May totaling US$39m.”

Luck smiles on Ethereum

Since the U.S Securities and Exchange Commission (SEC) approved the first set of applications for spot Ethereum [ETH] exchange-traded funds (ETFs) from Grayscale, Bitwise, iShares, VanEck, Ark Invest, Invesco, Fidelity, and Franklin Templeton on 22nd May, ETH-based products have recorded significant inflows.

The week under review was the same. According to CoinShares’ report, Ethereum-backed products recorded their second week of inflows, which amounted to $34 million.

This represented 18% of all inflows recorded during that period. Also, last week’s liquidity flows into Ethereum pushed the altcoin’s YTD inflows to $11 million.


Is your portfolio green? Check the Ethereum Profit Calculator


CoinShares said:

“This represents a turnaround in investor sentiment in an asset that had seen a 10-week run of outflows prior, totaling US$200m.”

CoinShares found that last week’s inflows in Ethereum impacted Solana [SOL] due to the statistically positive correlation between them. 

“This positive news for Ethereum has also had an impact on Solana, which saw a further US$5.8m inflow last week.”

Share

Abiodun is a freelancer writer working with AMBCrypto. He is also a lawyer with over 2 years of experience. With a keen interest in blockchain technology and its limitless possibilities, Abiodun spends his time understanding the technology, building projects, and educating people about it.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.