As an analyst with a background in cryptocurrency research, I find the recent trend in Ethereum and altcoins to be quite intriguing. The approval of a spot Ether ETF by the SEC has undoubtedly contributed to the positive sentiment surrounding Ethereum, as evidenced by the consecutive weeks of inflows into Ethereum-based investment products. This marks a significant reversal from the 10-week outflow streak, totaling $200 million.
There’s a shift in public perception toward Ethereum due to the Securities and Exchange Commission (SEC) giving its green light to a physically-backed Ether exchange-traded fund (ETF), which is anticipated to debut around the corner, approximately within the next month.
Based on CoinShares’ recent report, there was a second consecutive week of investments flowing into Ethereum-focused products. This marks a turnaround from a ten-week period that saw over $200 million in outflows. In the past week alone, Ethereum attracted approximately $33.5 million, raising its monthly inflows to more than $21 million.
Altcoins Follow Ethereum’s Lead with Inflows
Digital asset investment products attracted approximately $185 million in the past week, making it the fourth consecutive week with substantial investments. In May alone, over $2 billion was poured into these products, pushing the total year-to-date inflows above an impressive $15 billion.
The most recent CoinShares’ Digital Asset Fund Flows Weekly Report reveals a decline in trading volumes, which dropped from $13 billion in the prior week to $8 billion.
As a crypto investor, I’ve noticed that last week, Bitcoin attracted inflows worth approximately $148 million. On the other hand, short-Bitcoin positions experienced yet another week of outflows to the tune of $3.5 million. This trend suggests that ETF investors continue to hold a positive view towards Bitcoin.
As a researcher studying the cryptocurrency market, I’ve observed that alongside Ethereum, other investment products linked to altcoins experienced notable inflows last week. Among these, Solana attracted the most attention with an inflow of approximately $5.8 million. Following closely was Chainlink, which saw an influx of around $1 million. The week also brought in about $0.8 million for XRP, $0.6 million for Litecoin, and a relatively smaller inflow of around $0.3 million for Cardano.
In contrast to the progress made in directly investing in digital assets, the market for blockchain stocks has encountered difficulties. Last week saw withdrawals amounting to $7.2 million, while this year’s total outflows reached an astounding $516 million.
United States Leads Weekly Inflow
During the given week, the United States led with a weekly intake of $130 million. Switzerland experienced substantial inflows totalling $36.8 million, and Canada recorded inflows of $24.6 million, making it the next highest contributor.
As a researcher analyzing the latest financial data, I’ve discovered that Hong Kong, Australia, and Germany each received modest inflows of approximately $1.7 million, $1.4 million, and $0.5 million respectively during the past week. In contrast, Sweden and Brazil experienced significant outflows. Specifically, Sweden recorded an outflow of around $5.1 million, while Brazil reported an outflow of approximately $4.4 million.
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2024-06-03 20:14