In a significant boost to the cryptocurrency market, Ethereum witnessed its strongest week of capital inflows since March, with a total of $69 million pouring in over the past week, according to the latest statistics from CoinShares. This influx can be attributed to the surprise decision by the US Securities and Exchange (SEC) to allow spot Ether ETFs.
As a result, Ethereum’s year-to-date inflows surged to almost $81 million. The improvement in investment products based on Ethereum had a significant impact on other digital asset products, attracting a staggering $2 billion. This subsequently resulted in the recent 5-week streak of inflows to $4.3 billion.
Bitcoin, while still the main attraction, saw weekly inflows of $1.97 billion, with short-Bitcoin investments experiencing outflows for the third consecutive week, recording $5.3 million. Altcoins such as Solana, Litecoin, and Chainlink also saw minor upticks in activity, with weekly inflows of $0.7 million each.
XRP and Fantom stood out with inflows of $1.4 million and $1.2 million, respectively. Trading volumes in exchange-traded products (ETPs) soared to almost $13 billion for the week, representing a 55% increase from the previous week.
The turnaround in sentiment is believed to be a direct response to weaker-than-expected macroeconomic data in the United States, which has brought forward expectations for monetary policy rate cuts. Positive price movements led to a rise in total assets under management (AuM), surpassing the $100 billion mark for the first time since March of this year.
Regionally, the US experienced the highest inflows last week, registering $1.98 billion. Hong Kong, Canada, and Switzerland followed suit with inflows of $26.1 million, $12.7 million, and $10.6 million, respectively.
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Source: CryptoPotato
