According to a recent report from CoinShares, Ethereum (ETH) saw an uptick in inflows last week, surpassing Solana’s (SOL) inflows for 2024, coinciding with the impending launch of exchange-traded funds (ETFs) that will allow regulated investment in the US for the second-largest cryptocurrency by market capitalization.
ETH Dominates Inflows
The report highlights Ethereum’s strong momentum recorded over the past month, with inflows reaching $45 million last week, amounting to the year for over $103 million, outpacing Solana’s inflows year-to-date (YTD).
Solana, however, also witnessed inflows of $9.6 million during the same period, resulting in a YTD total of $71 million, which lags behind Ethereum’s inflows. Among other altcoins, Litecoin was the only one to receive inflows exceeding $1 million, with $2.2 million recorded last week.
Related Reading
The report also shows that general digital asset investment products saw continued buying, with inflows totaling $1.35 billion last week, bringing the three-week inflow streak to $3.2 billion, impacting the recovery in crypto prices in recent weeks.
Additionally, trading volumes of exchange-traded funds increased significantly by 45% week-on-week to $12.9 billion. However, these volumes represented only 22% of the broader crypto market volumes, indicating a relatively lower proportion.
Bitcoin (BTC), on the other hand, recorded $1.27 million in inflows last week, while short-bitcoin ETPs observed outflows of $1.9 million. Notably, these outflows amounted to $44 million since March, representing 56% of the assets under management (AuM).
Ethereum Prepares For ETF Breakthrough
The Securities and Exchange Commission (SEC) is expected to fully approve spot Ethereum ETFs today, paving the way for a second cryptocurrency investment vehicle in the US that could attract billions of dollars in retail and institutional investor cash. James Seyffart, Bloomberg ETF expert, noted:
What are we expecting today for the Ethereum ETFs? We expect them to begin trading tomorrow. That means we should see a bunch of filings on SEC site today that say the ETFs’ prospectuses have gone “effective”. Likely after or around market close.
Ahead of this regulatory victory for the market following the approval of Bitcoin ETFs in January, industry experts are speculating that the SEC’s approval of Ethereum ETFs will significantly impact the Ethereum blockchain and its decentralized finance…
Click Here to Read the Full Original Article at NewsBTC…
