ethereum (eth) investment products struggled to register a notable inflow despite the recent launch of several Ether-based futures exchange-traded funds (ETFs) last week.
According to CoinShares’ latest weekly report, the appeal of these ETFs for a meager $10 million underlines the “lukewarm appetite” for ethereum among investors. He went on to say that when a similar futures ETF for bitcoin was launched last year, the product saw up to $1 billion in investments during the first week of its operations.
However, CoinShares senior analyst James Butterfill noted that the performance of Ether-based ETFs could also be linked to “low investor appetite for digital assets in general today.”
Last week, several futures-based ethereum ETFs from different asset managers such as Valkyrie, VanEck, ProShares, Bitwise, Kelly, and VolShares were launched in the US. cryptoslate reported that these ETFs recorded around $2 million in trading volume on the first day of their launch.
bitcoin, Solana continue to dominate
Meanwhile, bitcoin (btc) and Solana (SOL) investment products continued their dominant trend as digital asset investment products recorded inflows of $78 million last week. During this period, ETP trading volumes increased by 37% to $1.13 billion.
According to Coinshares, btc products saw inflows totaling $43 million, and the current positive asset price performance attracted some investors to add $1.2 million to their bitcoin short positions. Additionally, the largest cryptocurrency trading volume on trusted exchanges increased by 16%.
Over the past week, btc price reached a high of $28,410 and has continued to trade near the $28,000 benchmark.
On the other hand, Solana recorded its largest weekly inflow of $24 million since March last year and has continued to “assert itself as (investors’) altcoin of choice” despite the recent launch of ethereum ETFs.
Across all regions, CoinShares highlighted that investors from Europe continue to dominate, contributing to 90% of inflows. Meanwhile, investors in Canada and the United States remain largely cautious, although they contributed $9 million to inflows recorded over the previous week.
The subsequent launch of ethereum ETFs amid lukewarm demand; bitcoin and Solana remain favorite investment products appeared first on CryptoSlate.
