Ethereum is seeing a turnaround in sentiment owing to the SEC approval of a spot Ether ETF that is set to go live sometime next month. According to CoinShares’ latest report, Ethereum-based investment products experienced a second consecutive week of inflows marking a reversal from a 10-week outflow streak amounting to 0 million. Over the past week, Ethereum saw .5 million in inflows which pushed its monthly inflows upwards of million. Altcoins Follow Ethereum’s Lead with Inflows Investment products focused on digital assets experienced an influx of capital for the fourth week in a row, amounting to 5 million. The month of May witnessed inflows totaling billion, driving the year-to-date inflows past the whopping billion mark. However, trading volumes
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Ethereum is seeing a turnaround in sentiment owing to the SEC approval of a spot Ether ETF that is set to go live sometime next month.
According to CoinShares’ latest report, Ethereum-based investment products experienced a second consecutive week of inflows marking a reversal from a 10-week outflow streak amounting to $200 million. Over the past week, Ethereum saw $33.5 million in inflows which pushed its monthly inflows upwards of $21 million.
Altcoins Follow Ethereum’s Lead with Inflows
Investment products focused on digital assets experienced an influx of capital for the fourth week in a row, amounting to $185 million. The month of May witnessed inflows totaling $2 billion, driving the year-to-date inflows past the whopping $15 billion mark.
However, trading volumes decreased during the week, dropping from $13 billion in the previous week to $8 billion, as per the latest edition of CoinShares’ Digital Asset Fund Flows Weekly Report.
Meanwhile, Bitcoin witnessed inflows amounting to $148 million, while short-BTC encountered another week of outflows totaling $3.5 million, indicating continued positive sentiment among ETF investors.
In addition to Ethereum, other investment products based on altcoins also saw comparable inflows for the week. Solana led with $5.8 million in inflows, trailed by Chainlink with $1 million. Following behind are 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 equities have continued to face challenges, with outflows of $7.2 million observed last week and a total of $516 million outflows recorded this year.
United States Leads Weekly Inflow
The United States dominated the weekly inflows, recording a $130 million influx. Switzerland also witnessed significant inflows amounting to $36.8 million during the same week. Canada followed closely with the next highest inflows of $24.6 million.
While Hong Kong, Australia, and Germany experienced modest inflows of $1.7 million, $1.4 million, and $0.5 million respectively, Sweden and Brazil saw outflows. Sweden recorded outflows of $5.1 million, while Brazil had outflows of $4.4 million for the week.