Ethereum attracts $17.5 million in largest inflows since August 2022: CoinShares

The recent institutional landscape appears to be undergoing a shift, as ethereum, which had been struggling with continuous outflows throughout the year, notably totaling $107 million, suddenly experienced a positive shift. According to the latest CoinShares report, ethereum has attracted the largest inflows since August 2022, totaling $17.5 million.

In the latest change, digital asset investment products recorded inflows totaling $261 million, marking the sixth consecutive week of positive investments. This streak generated $767 million in tickets, surpassing the total ticket amount of $736 million recorded in 2022.

• The digital asset manager revealed that the inflow streak now resembles the July 2023 inflow streak and is the largest since the end of the bull market in December 2021.
• bitcoin remained the dominant investment draw, racking up significant inflows of $229 million, contributing to year-to-date inflows totaling $842 million.
• The growing prospects of a spot ETF in the United States continued to play a key role, CoinShares highlighted in its report.
• Concerns arising from weaker-than-expected macroeconomic data is another factor that raised questions about the effectiveness of US monetary policy.
• During the same period, short positions in bitcoin also received inflows of $4.5 million, underscoring apprehension among some investors about the sustainability of the latest rally.
• While ethereum was the star among altcoins with an impressive turnaround, Solana also recorded inflows of $11 million.
• Other altcoins like Chainlink attracted $2 million, representing 17% of total assets under management. Polygon and Cardano also recorded inflows of $0.8 million and $0.5 million respectively.
• Meanwhile, the United States has emerged as a notable participant, leading the charge with the largest inflow of $157 million.
• Germany, Switzerland and Canada followed with receipts of $63 million, $36 million and $9 million, respectively.

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