Ethereum
Digital assets see record $17.8 billion inflows year-to-date as Bitcoin and Ethereum lead the charge
Digital asset investment products saw back-to-back inflows this month, with $1.44 billion recorded last week, according to CoinShares“Last weekly fund flow report.
The recent inflow brought the year-to-date total to a record $17.8 billion, surpassing the $10.6 billion in inflows in 2021.
However, trading volumes remained low, at around $8.9 billion, compared with a seven-day average of $21 billion.
Bitcoin sees fifth largest inflow.
A flow analysis showed that Bitcoin Last week, Bitcoin recorded its fifth-largest weekly inflows ever, totaling $1.5 billion. Conversely, short-Bitcoin saw its largest weekly outflow since April 2024, amounting to $8.6 million.
This move suggests a shift in market sentiment for the cryptocurrency industry. Bitcoin’s large inflows indicate growing investor confidence in the asset’s potential for substantial growth, with many investors taking advantage of the recent price drop to enter the market.
James Butterfill, Director of Research at CoinShares, said:
“We believe that price weakness due to German government bitcoin sales and a sentiment reversal due to lower-than-expected US CPI prompted investors to add to their positions.”
Crypto Asset Inflows (Source: CoinShares)
In the meantime, EthereumCryptocurrency-linked crypto products attracted $72 million in inflows ahead of the launch of its cash exchange-traded funds (ETFs). This was its largest inflow since March, bringing its year-to-date flows to $57 million.
Nate Geraci, President of ETF Store, predicted The SEC will reportedly approve ETH ETF products for trading this week as the financial regulator “sees no good reason to delay further at this point.”
Additionally, large-cap alternative digital currencies like Solana, Chainlink, Avalanche and XRP has recorded more than $8 million in cumulative admissions.
Regionally, the United States led the way with capital inflows of $1.3 billion last week, reflecting generally positive sentiment. Switzerland set a yearly record with $58 million in inflows, while Hong Kong and Canada recorded $55 million and $24 million, respectively.