As an experienced financial analyst, I have closely monitored the digital asset market for several years, and this latest trend in Ethereum’s capital inflow is particularly noteworthy. The SEC’s surprising decision to allow spot Ether ETFs has undoubtedly contributed significantly to Ethereum’s surge in YTD inflows, which now stand at almost $81 million. This development has also attracted a massive $2 billion to other digital asset products, leading to a 5-week streak of inflows totaling $4.3 billion.
As a crypto investor, I’ve noticed an impressive surge in capital flowing into Ethereum over the past week. According to the most recent data from CoinShares, a total of $69 million has been poured into Ethereum during this period. This significant influx can be directly linked to the unexpected announcement by the US Securities and Exchange Commission (SEC) permitting the listing of spot Ether Exchange Traded Funds (ETFs).
As a result, Ethereum’s YTD inflows surged to almost $81 million.
As a researcher studying the digital assets market, I’ve observed firsthand the substantial influence Ethereum-based investment products have had on their peers. This impact was particularly evident in the formidable $2 billion influx of funds. Consequently, over the past five weeks, there has been an impressive succession of inflows totaling $4.3 billion.
Bitcoin Still King with $1.97B Weekly Inflow
In recent weeks, Ethereum-related products have drawn more attention than Bitcoin, but it’s important to note that Bitcoin continues to be the dominant player with weekly inflows totaling $1.97 billion. Conversely, there were withdrawals of $5.3 million from short-Bitcoin investment positions for the third week in a row.
The market for altcoins experienced a slight surge in interest. There was approximately $0.7 million invested in financial instruments tied to Solana, Litecoin, and Chainlink every week. However, XRP and Fantom attracted more significant inflows of around $1.4 million and $1.2 million respectively during the previous seven days.
The trading volume for exchange-traded products (ETPs) reached nearly $13 billion during the past week, marking a significant 55% rise compared to the previous week’s figures. Based on CoinShares’ most recent Digital Asset Fund Flows Weekly Report, inflows were noted in almost every provider, while established players experienced a noticeable slowdown in outflows.
The shift in public opinion can be attributed to disappointing US macroeconomic data, causing investors to anticipate interest rate reductions from the Federal Reserve earlier than anticipated. Consequently, favorable market trends have resulted in an increase in assets under management (AuM), exceeding the $100 billion threshold for the first time since March this year.
US Leads $2B Global Crypto Inflow
Last week, the United States saw the largest weekly inflows of funds regionally, amounting to $1.98 billion. Notably, this was the third-largest daily inflow on record, as reported by CoinShares. The iShares Bitcoin ETF currently boasts an impressive $21 billion in assets under management, surpassing Grayscale’s previous lead.
Hong Kong, Canada, and Switzerland each saw inflows totaling $26.1 million, $12.7 million, and $10.6 million, respectively. In contrast, Brazil, Germany, and Australia experienced inflows of $9.5 million, $2.5 million, and $1.7 million, respectively. However, Sweden experienced an outflow of $9.2 million that week.
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2024-06-10 18:22