- Year-to-date inflows into crypto products have surpassed $15 billion.
- Ethereum recorded its second week of inflows.
As a researcher with a background in digital assets and a keen interest in the crypto market, I’ve been closely monitoring the latest trends and developments in this space. The recent news of significant inflows into crypto products, particularly Ethereum-backed funds, is an exciting development that I believe bodes well for the future of the digital asset industry.
Last week, digital asset investment funds experienced inflows worth approximately $185 million, according to a recent report by CoinShares – making it the fourth successive week with increased investments in digital assets.
As a researcher, I’d put it this way: Last week’s inflows, totaling $1.05 billion, were significantly lower than the previous one. Nevertheless, they managed to boost May’s cryptocurrency fund inflows to an impressive $2 billion. Moreover, these inflows pushed the YTD inflows above the $15 billion mark.
During the recent week, the amount of digital asset trading transactions was reportedly lower than the previous week by the investment firm. The total volume stood at $8 billion, marking a significant decrease of approximately 38% compared to the $13 billion traded in the prior week.
By the close of last week, according to CoinShares’ data, the combined value of assets in cryptocurrency investment vehicles exceeded $97 billion. This represented a weekly decrease of approximately 1.3%, from the $98.43 billion reported in the preceding week.
Regionally, most of last week’s flows into crypto funds came from the U.S. According to CoinShares:
“Approximately two-thirds of the total inflows came from the United States, amounting to US$130 million. However, there were significant outflows from established ETF issuers in the US, totaling US$260 million. Switzerland experienced its second largest weekly inflow this year with US$36 million, while Canada saw a reversal of fortunes with US$25 million in inflows, despite having recorded net outflows worth US$39 million in May.”
Luck smiles on Ethereum
After the SEC gave its green light to the initial applications for Ethereum [ETH] ETFs from Grayscale, Bitwise, iShares, VanEck, Ark Invest, Invesco, Fidelity, and Franklin Templeton on May 22nd, there has been a noticeable surge in investments in ETH-linked financial products.
During the past week, the trends observed were similar to the previous one. As per CoinShares’ data, Ethereum investment products experienced a $34 million inflow in the latest period.
As a crypto investor, I can tell you that 18% of the total inflows during that specific timeframe came from Ethereum investments. Moreover, last week’s liquidity injections into Ethereum brought its Year-to-Date (YTD) inflows up to an impressive $11 million.
Is your portfolio green? Check the Ethereum Profit Calculator
CoinShares said:
“A change in investor attitude towards this asset is evident, as it previously experienced net withdrawals for ten consecutive weeks amounting to US$200 million.”
Last week, the inflow of funds into Ethereum (ETH) resulted in a noticeable effect on Solana (SOL), as the two assets have a statistically proven connection that causes them to move in a similar direction.
As a researcher studying the cryptocurrency market, I’ve observed that recent favorable developments for Ethereum have influenced Solana as well. Specifically, Solana experienced an additional inflow of approximately US$5.8 million during the previous week.
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2024-06-04 13:11