Ethereum Sees Positive Reversal With SEC Approval of Spot Ether ETF and $33.5M Weekly Inflows

  • Ethereum is experiencing a positive shift in sentiment due to the SEC’s approval of a spot Ether ETF, which is expected to launch next month.
  • CoinShares’ recent report highlights that Ethereum-based investment products have seen a second consecutive week of inflows, breaking a 10-week streak of outflows totaling $200 million.
  • “Ethereum recorded $33.5 million in inflows over the past week, with monthly inflows now exceeding $21 million,” CoinShares noted in their latest findings.

Ethereum sees renewed investor confidence following SEC approval of spot Ether ETF, leading to a surge in capital inflows.

Altcoins Follow Ethereum’s Lead with Inflows

Digital asset investment products enjoyed a fourth consecutive week of capital inflows, totaling $185 million. In May alone, inflows reached $2 billion, pushing year-to-date figures beyond the $15 billion milestone.

During this period, trading volumes saw a decrease, falling to $8 billion from $13 billion the previous week, as detailed in CoinShares’ Digital Asset Fund Flows Weekly Report.

Bitcoin also attracted significant attention, with inflows of $148 million. In contrast, short-Bitcoin products faced another week of outflows, amounting to $3.5 million, suggesting ongoing investor bullishness towards Bitcoin ETFs.

Other altcoin investment products mirrored Ethereum’s success. Solana led with $5.8 million in inflows, followed by Chainlink with $1 million, XRP with $0.8 million, Litecoin with $0.6 million, and Cardano with $0.3 million.

Despite the positive trends in direct investments, blockchain equities struggled, recording $7.2 million in outflows last week and a cumulative $516 million in outflows for the year.

United States Leads Weekly Inflow

The United States spearheaded global inflows, securing $130 million during the week. Switzerland followed with $36.8 million in inflows, and Canada came next with $24.6 million.

While Hong Kong, Australia, and Germany saw modest inflows of $1.7 million, $1.4 million, and $0.5 million respectively, both Sweden and Brazil experienced outflows. Sweden recorded $5.1 million in outflows, whereas Brazil saw $4.4 million in outflows.

Conclusion

In summary, Ethereum’s market sentiment has improved significantly with the SEC’s approval of the Ether ETF, driving substantial capital inflows. Altcoins have also benefited from this positive trend, although blockchain equities continue to struggle. With the United States leading in investment inflows, the coming weeks will likely bring more developments as the launch of the Ether ETF approaches.

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Gideon Wolf
Gideon Wolfhttps://en.coinotag.com/
GideonWolff is a 27-year-old technical analyst and journalist with extensive experience in the cryptocurrency industry. With a focus on technical analysis and news reporting, GideonWolff provides valuable insights on market trends and potential opportunities for both investors and those interested in the world of cryptocurrency.
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