cryptoglobe.com
Cryptocurrency investment products saw $2 billion of inflows over the last month, with this past week seeing a total of $185 million being invested in these products to help year-to-date inflows surpass the $15 billion mark.
That’s according to CoinShares’ Digital Asset Fund Flows report, which details that investment products offering exposure to the flagship cryptocurrency Bitcoin (BTC) saw inflows of $148 million over the past week, while those shorting the cryptocurrency saw $3.5 million of outflows.
Products betting on the second-largest cryptocurrency, Ethereum’s ETH, saw $33.5 million inflows in the week, after the U.S. Securities and Exchange Commission (SEC) cleared the path for the listing of spot Ether exchange-traded funds (ETFs) in the country, bringing their year-to-date flows to just $11 million.
Meanwhile, products offering exposure to Ethereum rival Solana ($SOL) saw $5.8 million worth of inflows, bringing year-to-date flows to $35 million. Products focusing on multiple digital assets saw $2.7 million of outflows last week.
Year-to-date, BTC-focused products saw $14.74 billion of inflows, partly over the launch of spot Bitcoin ETFs in the United States earlier this year, which attracted significant inflows and saw BlackRock’s iShares Bitcoin Trust (IBIT) surpass Grayscale’s GBTC to become the largest public Bitcoin investment fund.
Notably, CoinShares notes that Ethereum’s inflows represent a turnaround in investment sentiment, as the asset saw a 10-week run of outflows that drained $200 million from its investment products.
These flows comes as the price of Ethereum has managed to remain above the $3,800 mark after the U.S. Securities and Exchange Commission cleared the path for spot Ether exchange-traded funds last month, with ETH whale accumulation intensifying since then.
According to an analyst from cryptocurrency analytics firm CryptoQuant, over 800,000 ETH worth around $3 billion has moved off of centralized cryptocurrency exchanges in little over a week.
The analyst noted that institutions preparing for a spot Ethereum ETF to start trading in the United States could be behind the centralized exchange outflows in a bid to meet the potential demand from investors for such a fund.
Featured image via Pixabay.