Ethereum weekly inflows reached $34 Million as its second consecutive week of inflows, the market eagerly anticipates the launch of newly approved spot ETH ETFs.
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Ethereum Weekly Inflows
According to a recent report by CoinShares, last week a total inflow of $185 million was observed in digital asset investment products, marking the fourth consecutive week of positive inflows.
https://blog.coinshares.com/volume-184-digital-asset-fund-flows-weekly-report-1e6d324b3192
Although this figure represents an 82% decline from the previous week’s record $1.05 billion inflows, it still pushed May’s total inflows to $2 billion and brought the year-to-date (YTD) inflows into cryptocurrency funds to over $15 billion.
https://blog.coinshares.com/volume-185-digital-asset-fund-flows-weekly-report-88c7662bd304
CoinShares noted that trading volumes decreased during the reviewed week, totaling $8 billion—a 38% drop from the $13 billion recorded the previous week. By the end of the week, the total assets under management (AUM) for crypto-based investment products stood at over $97 billion, a 1.3% decline from the previous week’s $98.43 billion.
Regionally, the majority of last week’s inflows into crypto funds came from the U.S., with net inflows of $130 million. However, incumbent ETF issuer outflows rose to $260 million. Switzerland recorded its second-largest inflows of the year at $36 million, while Canada saw a turnaround with $25 million in inflows, despite a net outflow of $39 million in May.
Ethereum’s Fortunes on the Rise
After the approval of the first set of applications by the US SEC for spot Ethereum exchange-traded funds (ETFs) from prominent firms such as Grayscale, Bitwise, iShares, VanEck, Ark Invest, Invesco, Fidelity, and Franklin Templeton on May 22nd, ETH-based products have seen significant inflows.
In the latest week under review, Ethereum-backed products recorded their second week of inflows, totaling $34 million. This represented 18% of all inflows recorded during that period. Additionally, last week’s inflows pushed Ethereum’s YTD inflows to $11 million.
Investors Sentiment
CoinShares remarked that this shift signifies a positive turnaround in investor sentiment for Ethereum, which had previously experienced a 10-week run of outflows totaling $200 million.
The positive sentiment surrounding Ethereum has also impacted Solana, with CoinShares reporting that Solana saw an additional $5.8 million in inflows last week due to the statistically positive correlation between the two assets.
Conclusion
To conclude, Ethereum weekly inflows signal a notable shift in investor sentiment, driven by anticipation for newly approved spot ETH ETFs. This positive momentum not only benefits Ethereum but also extends to correlated assets like Solana, highlighting a broader resurgence in the crypto market.
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