Ethereum
ETH Inflows Reach $33.5 Million With SEC Approval of Spot Ethereum ETF
Ethereum is seeing a turnaround in sentiment due to the SEC’s approval of a spot Ether ETF expected to go live next month.
According to the latest report from CoinShares, Ethereum-based investment products saw a second straight week of inflows, marking a reversal from a 10-week outflow streak amounting to $200 million. Over the past week, Ethereum saw inflows of $33.5 million, pushing its monthly inflows to over $21 million.
Altcoins follow Ethereum’s lead with inflows
Investment products focused on digital assets saw an inflow of capital for the fourth consecutive week, amounting to $185 million. The month of May saw inflows totaling $2 billion, taking year-to-date inflows past the $15 billion mark.
However, trading volumes declined over the week, from $13 billion the previous week to $8 billion, according to the latest report. editing from CoinShares’ weekly digital asset fund flow report.
Meanwhile, Bitcoin saw inflows amounting to $148 million, while short BTC saw another week of outflows totaling $3.5 million, indicating continued positive sentiment among ETF investors.
In addition to Ethereum, other altcoin-based investment products also saw comparable inflows for the week. Solana leads with $5.8 million in inflows, followed by Chainlink with $1 million. This is followed by XRP with $0.8 million, Litecoin with $0.6 million, and Cardano with $0.3 million during the same period.
Despite recent achievements in direct investments in digital assets, blockchain stocks continued to face challenges, with outflows of $7.2 million seen last week and a total of $516 million in releases recorded this year.
The United States leads in weekly inflows
The United States dominated weekly inflows, recording an inflow of $130 million. Switzerland also saw significant inflows amounting to $36.8 million during the same week. Canada followed closely with the highest inflows at $24.6 million.
While Hong Kong, Australia and Germany recorded modest inflows of $1.7 million, $1.4 million and $0.5 million respectively, Sweden and Brazil recorded outflows of capital. Sweden saw outflows of $5.1 million, while Brazil saw outflows of $4.4 million for the week.