Ethereum took center stage in the flourishing digital asset investment landscape last week as inflows into investment products surged, totaling an impressive US$293 million. This surge marked the seventh consecutive week of inflows, pushing the cumulative figure past the US$1 billion mark, according to CoinShares.
Ethereum’s Soaring Inflows
Notably, Ethereum, a key player in the cryptocurrency realm, saw its largest influx since August 2022, with a substantial US$49 million injected into the market. The last two weeks have witnessed a remarkable turnaround in sentiment for Ethereum, a shift likely tied to the recent spot-based ETF listing request in the US.
The broader digital asset investment ecosystem is experiencing a robust period, with year-to-date inflows reaching an impressive US$1.14 billion. This positions it as the third-highest yearly inflow on record, demonstrating sustained momentum in the sector.
The positive trend in investments has had a cascading effect on total assets under management (AuM), witnessing a substantial 9.6% increase over the last week and an impressive 99% surge since the beginning of the year. The current total AuM stands at US$44.3 billion, a notable peak not witnessed since the significant crypto fund failures in May 2022.
Bitcoin Exchange Traded Product (ETP) trading volumes are making a substantial impact, constituting as much as 19.5% of the total Bitcoin trading volumes on trusted exchanges. This surge signifies a considerable increase in participation from ETP investors, distinguishing this rally from the trends observed in 2020/21.
Bitcoin itself experienced inflows totaling US$240 million last week, pushing year-to-date inflows to an impressive US$1.08 billion. Noteworthy is the US$7 million outflows from short-Bitcoin positions, indicating a prevailing positive sentiment among investors.
In tandem with the positive momentum observed across the cryptocurrency spectrum, Solana also witnessed a boost with additional inflows totaling US$12 million.
Furthermore, blockchain equity ETFs saw a notable uptick with US$14 million in inflows, marking the highest since July 2022 and bringing year-to-date flows into a positive position of US$11 million. This collective surge in various sectors of the digital asset market reflects a dynamic and thriving landscape for investors.