Crypto
Ethereum ETFs drive $69M inflows, Bitcoin products see $2B, total crypto inflows hit $2B last week.
The U.S. Securities and Exchange Commission's (SEC) unexpected decision to advance the approval process for Ethereum (ETH) exchange-traded funds (ETFs) has led to significant inflows into investment products holding the second-largest cryptocurrency. According to CoinShares International Ltd., investment products worldwide holding Ether saw $69 million in investor inflows in the week ending Friday, marking the highest weekly inflows since March. This decision, made on May 23, has been a pivotal moment for Ethereum, signaling a potential shift in investor sentiment and market dynamics.
Bitcoin (BTC) continues to dominate the crypto investment landscape, with products holding the world's most valuable cryptocurrency seeing inflows of almost $2 billion last week. This brings the total inflows for Bitcoin products to $16.7 billion for the year. The price of Bitcoin has surged by approximately 65% year-to-date, largely driven by the January approval of U.S. Bitcoin ETFs. BlackRock Inc.'s iShares Bitcoin Trust recently surpassed Grayscale's Bitcoin Trust to become the world's largest fund for Bitcoin, holding over $21 billion in assets.
Crypto investment products saw nearly $2 billion in inflows last week, extending a five-week run to over $4.3 billion, according to CoinShares. Trading volumes in exchange-traded products (ETPs) rose to $12.8 billion for the week, a 55% increase from the previous week. CoinShares analyst James Butterfill noted, "Unusually, inflows were seen across almost all providers, with a continued slowdown in outflows from incumbents." This positive price action pushed total assets under management (AUM) above the $100 billion mark for the first time since March 2024.
"Investment products worldwide holding Ether saw $69 million in investor inflows in the week ended Friday... That’s the highest since March."