Ethereum funds attract $35 million in inflows following ETF approvals
Digital asset investment products experienced over $1 billion in weekly inflows last week, marking the third consecutive week of inflows, as reported by asset management firm CoinShares. Ethereum (ETH) funds registered $35.5 million of inflows in the same period, its most substantial intake since March, and reduced the month-to-date outflows to $11 million.
The recent uptick in prices has propelled the total value of digital asset exchange-traded products (ETP) to a remarkable $98.5 billion. Alongside this growth, weekly ETP trading volumes have seen a 28% increase, amounting to $13.6 billion.
Bitcoin ETPs dominated the inflow charts, attracting $1 billion. Conversely, short Bitcoin positions continued to see outflows, this time totaling $4.3 million, indicating a shift towards a more positive market sentiment. This optimism is partly attributed to investors’ interpretation of the Federal Open Market Committee (FOMC) minutes and recent macroeconomic data as leaning towards the dovish side.
![Ethereum funds attract $35 million in inflows following ETF approvals image 1](https://img.bgstatic.com/multiLang/image/e69a9ae26ddb3cd9b34efd5bd86a8d5b1716909483571.png)
Solana also witnessed a positive trend with inflows of $8 million, followed by Litecoin ETPs’ $2.3 million inflows.
Regionally, the US has been at the forefront of these inflows, with a significant $1.03 billion directed into its market. Grayscale, a major player in the space, reported a substantial decrease in outflows, which now stand at just $15 million for the week.
Germany and Switzerland also contributed with inflows of $48 million and $30 million, respectively. However, after a promising start, Bitcoin spot-based ETFs in Hong Kong experienced a setback with outflows of $29 million last week.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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