Ethereum is seeing a turnaround in sentiment owing to the SEC approval of a spot Ether ETF that is set to go live sometime next month.
According to CoinShares’ latest report, Ethereum-based investment products experienced a second consecutive week of inflows marking a reversal from a 10-week outflow streak amounting to $200 million. Over the past week, Ethereum saw $33.5 million in inflows which pushed its monthly inflows upwards of $21 million.
Altcoins Follow Ethereum’s Lead with Inflows
Investment products focused on digital assets experienced an influx of capital for the fourth week in a row, amounting to $185 million. The month of May witnessed inflows totaling $2 billion, driving the year-to-date inflows past the whopping $15 billion mark.
However, trading volumes decreased during the week, dropping from $13 billion in the previous week to $8 billion, as per the latest edition of CoinShares’ Digital Asset Fund Flows Weekly Report.
Meanwhile, Bitcoin witnessed inflows amounting to $148 million, while short-BTC encountered another week of outflows totaling $3.5 million, indicating continued positive sentiment among ETF investors.
In addition to Ethereum, other investment products based on altcoins also saw comparable inflows for the week. Solana led with $5.8 million in inflows, trailed by Chainlink with $1 million. Following behind are XRP with $0.8 million, Litecoin with $0.6 million, and Cardano with $0.3 million during the same period.
Despite recent achievements in direct investments in digital assets, blockchain equities have continued to face challenges, with outflows of $7.2 million observed last week and a total of $516 million outflows recorded this year.
United States Leads Weekly Inflow
The United States dominated the weekly inflows, recording a $130 million influx. Switzerland also witnessed significant inflows amounting to $36.8 million during the same week. Canada followed closely with the next highest inflows of $24.6 million.
While Hong Kong, Australia, and Germany experienced modest inflows of $1.7 million, $1.4 million, and $0.5 million respectively, Sweden and Brazil saw outflows. Sweden recorded outflows of $5.1 million, while Brazil had outflows of $4.4 million for the week.
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