Ethereum
Ethereum vehicles attract $36 million after ETF green light
The Ethereum ETF approvals by the US SEC have improved investor sentiment towards the second-largest crypto asset, leading to a two-month high in net inflows.
Ethereum (ETH) investment products saw $36 million in inflows last week for the first time since March, according to a May 28 CoinShares report. The increase in net inflows comes as the U.S. Securities and Exchange Commission (SEC) approved Forms 19b-4, signaling a green light to proposed rule changes allowing domestic exchanges to list spot ETH ETFs.
News of the approval led to a 30% rise in Ethereum’s price over the week, pushing its market cap to $450 billion and nearly $4,000 per token. This increase marks a change in positive sentiment after 10 weeks of bearish activity.
Coin Shares Analysts said the rise was likely an early reaction to the approval news, but whether the upward price trend will continue remains uncertain, with actual spot ETH ETF trading still a few weeks away.
Ethereum Flows Rebound with Broader Investment Market
The inflows into ETH vehicles coincided with a three-week streak for digital asset investment products. Last week, investors accumulated $1.05 billion in net capital in several crypto-based funds.
While Ether has arguably taken center stage, most investment has been directed towards US Bitcoin (BTC) AND F. The region saw $1.03 billion in weekly inflows, largely made up of BlackRock’s iShares ETF at $719 million.
Improving investor demand for these crypto investment channels has brought cumulative year-to-date flows to a new record of $14.9 billion.