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 (DeFi) protocol.
Mark Connors, the head of global macro strategy at Onramp, a Dallas-based financial services firm, referred to Ethereum as the “middle kid protocol,” highlighting the crucial test that the ETF launch represents for the DeFi ecosystem.
According to Connors, the success and participation in the ETF launch on Tuesday will shed light on Ethereum’s ability to maintain its market standing and attract sustained interest, along with increased inflows and adoption, which could significantly impact its price.
Despite being only a few hours away from the start of ETF trading, ETH is trading at $3,450, down 1.5% in the 24-hour time frame, supported by the $3,435 wall underneath the current price, which has prevented any further downward price action since Friday.
Featured image from DALL-E, chart from TradingView.com
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 (DeFi) protocol.
Mark Connors, the head of global macro strategy at Onramp, a Dallas-based financial services firm, referred to Ethereum as the “middle kid protocol,” highlighting the crucial test that the ETF launch represents for the DeFi ecosystem.
According to Connors, the success and participation in the ETF launch on Tuesday will shed light on Ethereum’s ability to maintain its market standing and attract sustained interest, along with increased inflows and adoption, which could significantly impact its price.
Despite being only a few hours away from the start of ETF trading, ETH is trading at $3,450, down 1.5% in the 24-hour time frame, supported by the $3,435 wall underneath the current price, which has prevented any further downward price action since Friday.
Featured image from DALL-E, chart from TradingView.com
how to get cheap clomiphene tablets cost of clomid at cvs can you get cheap clomiphene for sale can you buy cheap clomiphene online where to get clomid tablets clomiphene risks where to buy clomiphene tablets
More posts like this would bring about the blogosphere more useful.
With thanks. Loads of knowledge!
azithromycin 250mg drug – tinidazole 500mg canada buy metronidazole 200mg generic
semaglutide 14mg for sale – semaglutide drug periactin 4 mg uk
buy motilium without a prescription – domperidone 10mg cheap order cyclobenzaprine 15mg online
buy inderal 10mg pills – buy inderal 20mg online cheap order methotrexate
amoxicillin for sale – ipratropium 100 mcg ca combivent 100mcg canada
buy esomeprazole 20mg pill – https://anexamate.com/ buy nexium paypal
buy cheap generic coumadin – https://coumamide.com/ losartan 25mg oral
meloxicam 7.5mg us – tenderness buy generic meloxicam
order deltasone online – https://apreplson.com/ order prednisone 40mg without prescription
ed pills otc – buy cheap generic ed pills buy ed medications
amoxicillin online – https://combamoxi.com/ amoxicillin us
buy forcan pills – https://gpdifluca.com/# diflucan 100mg cheap
cenforce 50mg over the counter – https://cenforcers.com/ order cenforce 100mg online
cialis manufacturer coupon – on this site cialis milligrams
buy zantac 150mg pill – https://aranitidine.com/ purchase ranitidine generic
tadalafil tamsulosin combination – https://strongtadafl.com/# buy tadalafil no prescription
Greetings! Extremely useful advice within this article! It’s the scarcely changes which will obtain the largest changes. Thanks a portion towards sharing! https://gnolvade.com/
buying viagra plus next day delivery – viagra sale sa can you buy viagra vietnam
I couldn’t turn down commenting. Profoundly written! https://ursxdol.com/levitra-vardenafil-online/
This website really has all of the bumf and facts I needed about this subject and didn’t know who to ask. how to get amoxil without a prescription
This is the gentle of writing I rightly appreciate. https://prohnrg.com/product/loratadine-10-mg-tablets/
This is the type of advise I find helpful. https://aranitidine.com/fr/clenbuterol/
I am in fact delighted to gleam at this blog posts which consists of tons of of use facts, thanks towards providing such data. https://ondactone.com/simvastatin/
This is a question which is in to my heart… Myriad thanks! Exactly where can I upon the acquaintance details in the course of questions?
https://proisotrepl.com/product/methotrexate/
Facts blog you procure here.. It’s hard to on great calibre belles-lettres like yours these days. I truly respect individuals like you! Go through guardianship!! https://myrsporta.ru/forums/users/rcyye-2/
dapagliflozin 10mg tablet – https://janozin.com/ buy forxiga 10 mg for sale
order orlistat for sale – https://asacostat.com/ buy xenical 120mg without prescription
I’ll certainly bring to be familiar with more. https://experthax.com/forum/member.php?action=profile&uid=124819