In the past month, cryptocurrency investment products attracted $2 billion in investments, pushing year-to-date inflows over $15 billion. The recent week alone saw $185 million invested. Bitcoin-focused products received $148 million in inflows, while Ethereum products got $33.5 million following the SEC’s approval of spot Ether ETFs in the US.
Solana-related products saw $5.8 million in inflows, totaling $35 million for the year. However, multi-asset products experienced $2.7 million in outflows last week. Year-to-date, Bitcoin products received $14.74 billion in inflows, partly due to the launch of spot Bitcoin ETFs, notably iShares Bitcoin Trust surpassing Grayscale’s GBTC.
Ethereum’s recent inflows mark a turnaround after 10 weeks of outflows, boosted by the SEC’s ETF approval. Ethereum’s price remained above $3,800, prompting significant accumulation by whales, with over 800,000 ETH worth approximately $3 billion moving off centralized exchanges in a week.
Analysts suggest institutions are preparing for the launch of spot Ethereum ETFs in the US, leading to these exchange outflows in anticipation of potential investor demand.
June 2024, Cryptoniteuae
