Ethereum Inflows Surge to $69M as US Approves Spot Ether ETFs

  • Ethereum sees a substantial rise in capital inflows, reaching the highest levels since March, marking a significant boost in investor confidence.
  • The US SEC’s unexpected approval of spot Ether Exchange-Traded Funds (ETFs) plays a key role in this upward trend.
  • According to CoinShares, total inflows for Ethereum this past week hit $69 million, contributing to a year-to-date (YTD) inflow of nearly $81 million.

The latest influx into Ethereum highlights a growing investor interest in digital assets amid regulatory shifts. Discover how the approval of Ether ETFs by the US SEC is driving this momentum.

Bitcoin Dominates with $1.97B Weekly Inflows

While Ethereum products have recently captured the spotlight, Bitcoin remains a formidable force in the crypto market, amassing weekly inflows totaling $1.97 billion. Despite Bitcoin’s success, short-Bitcoin investments saw outflows for the third week in a row, totaling $5.3 million.

Altcoins on the Rise

Altcoins, including Solana, Litecoin, and Chainlink, also experienced upward trends with each reporting $0.7 million in weekly inflows. XRP and Fantom were notable performers, attracting $1.4 million and $1.2 million respectively over the past week. These figures indicate a diversifying interest among investors in a variety of crypto assets.

US Leads with $2 Billion Global Crypto Inflows

The United States stood out as the largest contributor to global crypto inflows last week, with an impressive $1.98 billion recorded. Notably, the first day of the week saw one of the largest daily inflows on record, driven by strong investor interest. The iShares Bitcoin ETF has now surpassed Grayscale in assets under management, reaching $21 billion.

Other significant inflows were recorded in Hong Kong ($26.1 million), Canada ($12.7 million), and Switzerland ($10.6 million). In contrast, Sweden reported a weekly outflow of $9.2 million, highlighting regional discrepancies in investor behavior.

Trading Volumes Surge

Exchange-traded products (ETPs) saw trading volumes soar to nearly $13 billion over the week, reflecting a 55% increase from the previous week. This surge was observed across nearly all providers, coupled with a slowdown in outflows from traditional investment entities. This shift in market sentiment is largely attributed to weaker-than-expected macroeconomic data from the US, raising hopes for policy rate cuts.

Conclusion

The influx of capital into Ethereum and other digital assets underscores a renewed investor optimism, fueled by regulatory developments and favorable market conditions. As the US and other regions show increasing interest, the crypto market is poised for further growth. Investors should keep a close eye on regulatory shifts and macroeconomic data that could impact future inflows and market dynamics.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.

BREAKING NEWS

Bitcoin and Ethereum Suffer Steep Declines as Coinbase Stock Plummets Amid U.S. Economic Woes

COINOTAG News reports that as of April 1st, the...

Backpack Exchange Introduces 10x Leverage Perpetual Contract Trading for KAITO and Other Major Coins

On April 1st, 2023, COINOTAG reported that Backpack Exchange...

Chainlink Launches Innovative Payment Abstraction on Mainnet to Revolutionize Cross-Chain Transactions

According to recent announcements from Chainlink, the highly anticipated...

Trump’s Upcoming Tariff Measures: What U.S. Treasury Secretary Scott Bessent Reveals – FX672 Analysis

In a recent development, U.S. Treasury Secretary Scott Bessent...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img