Over the past week, Ethereum has experienced significant inflows totaling $155 million, marking a positive trend in investor sentiment. These inflows have boosted Ethereum’s year-to-date total inflows to $862 million, the highest since 2021. This surge can be attributed to the introduction of US spot-based ETFs, which have sparked renewed interest in Ethereum as an investment option.
While Bitcoin initially experienced outflows at the start of the week, it managed to attract significant inflows towards the end, totaling $13 million for the week. However, short Bitcoin ETPs saw their largest outflows since May 2023, amounting to $16 million, signaling a major investor exit. Despite this, Bitcoin remains a popular investment choice among cryptocurrency investors.
Apart from Ethereum and Bitcoin, investment products related to Solana, XRP, and Cardano also received positive inflows. Solana garnered $4.5 million, XRP received $0.7 million, and Cardano attracted $0.6 million in weekly inflows. This indicates a broader positive sentiment towards various cryptocurrency assets in the market.
Overall Market Trends and Inflows
Digital asset investment products collectively experienced $176 million in inflows as investors perceived recent price declines as an opportunity to buy. Despite losing more than $20 billion in Total Assets under Management (AuM) during the market correction, the AuM has rebounded to $85 billion. This resurgence in investment indicates a renewed confidence in the cryptocurrency market.
Global Inflows and Outflows
In an unusual trend, all regions saw inflows into digital asset investment products last week, reflecting a collective optimism towards the asset class. The most significant inflows came from the US, Switzerland, Brazil, and Canada, with additional inflows from Germany, Australia, and Sweden. However, the US remains the sole country with net outflows for the month, amounting to $306 million.
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