As per the latest data from CoinShares, the Bitcoin and Ethereum ETF investment scene witnessed a week of contrasts. The data shows, Bitcoin has continued its bullish streak, while Ethereum’s newly launched ETFs paint a complex picture.
Despite the mixed signals, the overall market sentiment remains positive. The total assets under management (AuM) approaching the $100 billion mark.
Bitcoin surges, Ethereum inflows fade
Bitcoin maintained its momentum with substantial inflows of $519 million last week. This latest inflow brings Bitcoin’s month-to-date inflows to an impressive $3.6 billion. This has pushed its year-to-date (YTD) figure to a record-breaking $19 billion.
Analysts attribute this sustained interest to recent political discussions about Bitcoin as a potential strategic reserve asset and growing expectations of a Federal Reserve rate cut in September 2024.
Meanwhile, the launch of U.S. spot-based Ethereum ETFs created major market activity.
These new products attracted $2.2 billion in inflows, marking one of the largest influxes since December 2020. However, this surge was offset by outflows from incumbent funds, particularly Grayscale’s trust, which saw $1.5 billion in withdrawals.
The net result was a $285 million outflow for Ethereum products overall.
Despite these fluctuations, the broader digital asset investment landscape continues to be in the green. Total inflows YTD have reached $20.5 billion, setting a new record for the industry. Trading volumes also spiked to $14.8 billion for the week, the highest since May.
Also Read: Bitcoin Eyes 75K Valuation After Ex-President Courts Crypto Community
Follow Us