Ethereum (ETH) Emerges as Crypto Darling After SEC’s Spot ETF Nod

Ethereum witnessed its strongest week in terms of capital inflow since March, with total inflows amounting to $69 million over the past week, as per the latest stats by CoinShares. The latest 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 YTD 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 Still King with $1.97B Weekly Inflow

Ethereum products may have overshadowed Bitcoin for the past few weeks, but the latter remained the main attraction, with weekly inflows of $1.97 billion. On the other hand, short-Bitcoin investments experienced outflows for the third consecutive week, recording $5.3 million.

Altcoins also saw a minor uptick in activity. Investment products based on Solana, Litecoin, and Chainlink witnessed $0.7 million in weekly inflows each. Meanwhile, XRP and Fantom stood out with inflows of $1.4 million and $1.2 million over the past week.

Trading volumes in exchange-traded products (ETPs) soared to almost $13 billion for the week, representing a 55% increase from the previous week. According to the latest edition of CoinShares’ Digital Asset Fund Flows Weekly Report, inflows were observed across almost all providers, coupled with a continued deceleration in outflows from established players.

This 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.

US Leads $2B Global Crypto Inflow

Regionally, the US experienced the highest inflows last week, registering $1.98 billion. In fact, CoinShares found that the first day of the week marked the third-largest daily inflow ever recorded. The iShares Bitcoin ETF now comfortably exceeds the incumbent Grayscale, with $21 billion in assets under management.

Hong Kong, Canada, and Switzerland followed suit with inflows of $26.1 million, $12.7 million, and $10.6 million, respectively, whereas Brazil, Germany, and Australia settled with $9.5 million, $2.5 million, and $1.7 million in inflows, respectively. Sweden, on the other hand, recorded a weekly outflow of $9.2 million.

The post Ethereum (ETH) Emerges as Crypto Darling After SEC’s Spot ETF Nod appeared first on CryptoPotato.

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