ETH Inflows Hit $33.5M With SEC Approval of Ethereum Spot ETF

ethereum is experiencing a shift in sentiment due to the SEC's approval of an Ether spot ETF set to launch sometime next month.

According to the latest report from CoinShares, ethereum-based investment products experienced a second consecutive week of inflows, marking a reversal of a 10-week streak of outflows worth $200 million. Over the past week, ethereum recorded $33.5 million in inflows, bringing its monthly inflows to over $21 million.

Altcoins follow ethereum's lead with inflows

Investment products focused on digital assets saw capital inflows for the fourth consecutive week, amounting to $185 million. In the month of May, admissions totaling $2 billion were recorded, bringing admissions so far this year to over a whopping $15 billion.

However, trading volumes declined during the week, dropping from $13 billion the previous week to $8 billion, according to the latest report. edition from CoinShares Weekly Digital Asset Fund Flows Report.

Meanwhile, bitcoin saw inflows worth $148 million, while short positions in btc found another week of outflows totaling $3.5 million, indicating continued positive sentiment among ETF investors.

In addition to ethereum, other altcoin-based investment products also recorded comparable inflows during the week. Solana led with $5.8 million in inflows, followed by Chainlink with $1 million. This is followed by XRP with $0.8 million, Litecoin with $0.6 million, and Cardano with $0.3 million during the same period.

Despite recent gains in direct investments in digital assets, blockchain stocks have continued to face challenges, with outflows of $7.2 million seen last week and a total of $516 million recorded this year.

The United States leads the weekly influx

The United States dominated the weekly inflows, recording an inflow of $130 million. Switzerland also witnessed significant inflows worth $36.8 million during the same week. Canada followed closely with the next highest receipts 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 recorded outflows. Sweden recorded outflows of $5.1 million, while Brazil had outflows of $4.4 million during the week.

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