Ethereum (ETH) Emerges as Crypto Darling After SEC Spot ETF Clearance

ethereum witnessed its strongest week in terms of capital inflows since March, with total inflows rising to $69 million over the past week, according to the latest statistics from CoinShares. The latest influx can be attributed to the surprise decision by the US Stock Exchange (SEC) to allow spot Ether ETFs.

As a result, ethereum inflows to date increased to nearly $81 million.

The improvement in ethereum-based investment products had a significant impact on other digital asset products, attracting a staggering $2 billion. This subsequently led to the recent five-week streak of capital inflows up to $4.3 billion.

bitcoin remains king with weekly inflow of $1.97 billion

ethereum products may have overshadowed bitcoin over the past few weeks, but the latter remained the main attraction, with weekly inflows of $1.97 billion. On the other hand, short investments in bitcoin experienced capital outflows for the third consecutive week, registering $5.3 million.

Altcoins also saw a small uptick in activity. Solana, Litecoin, and Chainlink-based investment products recorded weekly inflows of $0.7 million each. Meanwhile, XRP and Fantom stood out with inflows of $1.4 million and $1.2 million over the past week.

Exchange-traded products (ETP) trading volumes soared to nearly $13 billion during the week, representing a 55% increase from the previous week. According to the latest edition of CoinShares' Digital Asset Fund Flows Weekly ReportCapital inflows were seen in almost all suppliers, along with a continued slowdown in capital outflows from established players.

This change in sentiment is believed to be a direct response to weaker-than-expected macroeconomic data in the United States, which has raised expectations of policy rate cuts. Positive price movements led to an increase in total assets under management (AuM), surpassing the $100 billion mark for the first time since March this year.

US leads global cryptocurrency entry worth $2 billion

Regionally, the United States experienced the largest capital inflows last week, recording $1.98 billion. In fact, CoinShares found that the first day of the week marked the third-largest daily inflow ever recorded. The iShares bitcoin ETF now comfortably surpasses the incumbent Grayscale, with $21 billion in assets under management.

Hong Kong, Canada and Switzerland followed suit with entries of $26.1 million, $12.7 million and $10.6 million, respectively, while Brazil, Germany and Australia closed with entries of $9.5 million. dollars, 2.5 million dollars and 1.7 million dollars, respectively. Sweden, on the other hand, recorded a weekly outflow of $9.2 million.

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