Last week, digital investment products recorded a sixth consecutive week of inflows, bringing inflows into ethereum to their highest point in over a year. ethereum price is also up 5.72% in a 7-day period, indicating that the smart contract platform is now in a mostly bullish sentiment.
Digital asset investment products have witnessed inflows from the end of September and throughout October, reflecting the bitcoin/bitcoin–btc-price-in-november/” rel=”nofollow noopener” target=”_blank”>bullish sentiment in the largest crypto market.
ethereum sees largest inflow of institutional funds since August 2022
After several months of lackluster interest and continued exits from the institutional landscape, it appears that mainstream investors are gaining confidence in ethereum once again. The last weekly report CoinShares shows that digital asset investment products saw inflows of $261 million last week to reach a six-week consecutive inflow totaling $767 million.
bitcoin has largely dominated headlines, attracting huge investments from institutional investors and seeing its price bitcoin/bitcoin-35000-holder-profitability/” rel=”nofollow noopener” target=”_blank”>shoot to new yearly high. bitcoin recorded the most inflows last week, $229 million, bringing its year-to-date inflows to $842 million.
Amid all this institutional influx into bitcoin, bitcoin/bitcoin-and-ethereum–crypto-rally/” rel=”nofollow noopener” target=”_blank”>ethereum also witnessed Large inflows dominate altcoins, reaching $17.5 million last week. In fact, this was the largest influx of big money into ethereum digital products since August 2022. Consequently, ethereum‘s monthly net flow has now risen to positive $13.6 million, although its annual net flow is still at negative $107 million.
Similar sentiment among altcoins
Other altcoins like solarium, XRPand Cardano There were also entries last week. Solana received a total of $11 million in inflows, while Chainlink, XRP, and Cardano received $2 million, $0.2 million, and $0.5 million, respectively. This new influx of money indicates that institutional investors might be willing to put money back into altcoins as the entire cryptocurrency market looks to reignite a strong bull run.
In terms of geography, the bulk of investments came from the US as investors await SEC approval of bitcoin spot ETFs as a catalyst for the upcoming bitcoin-news/bitcoin-cleared-level-historically-lead-rallies-99/” rel=”nofollow noopener” target=”_blank”>sustained bull run.
US investors poured $157 million into digital asset investment products throughout the week. This has occurred in light of the US Federal ReserveThe decision to keep interest rates at their highest level in 22 years. Germany, Switzerland and Canada followed, with respective receipts of $63 million, $36 million and $9 million.
According to CoinShares, the latest streak of inflows has surpassed total inflows of $736 million throughout 2022. It now matches the six consecutive inflows in July 2023 and is the largest since the end of the bull market in December 2021.
ethereum is now slowly moving towards $2,000 and has eth/ethereum-price-hesitates-2k/” rel=”nofollow noopener” target=”_blank”>formed minor support around $1,870. eth is trading at $1,894 at the time of writing.
<img decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2023/11/Dont-count-out-Ethereum-just-yet-Institutional-investors-are-back" alt="Tradingview.com ethereum Price Chart” width=”2650″ height=”1758″/>
eth price fails to break above $1,900 | Source: ETHUSD on Tradingview.com
Featured image from Ledger Insights, chart from Tradingview.com
