Last week, cryptocurrency investment products recorded strong net inflows again, primarily driven by Ethereum exchange-traded products (ETFs).
European crypto asset management firm CoinShares reported on Monday that as of last Friday, global crypto ETF net inflows reached $3.75 billion in a single week.
According to data from CoinGecko, this inflow occurred amid a strong upward momentum for Ethereum (ETH), with prices nearing the historical high of $4,700 last Thursday.
However, after four consecutive days of inflows, investor sentiment turned cautious on Friday, with SoSoValue data showing outflows from both Bitcoin (BTC) and Ethereum funds on that day.
Despite Bitcoin breaking through $124,000 last Wednesday, BTC failed to drive significant inflows into ETFs last week, with net inflows of only $552 million, accounting for about 15% of the total inflows for the week.
In contrast, Ethereum ETFs recorded $2.9 billion in inflows, leading among major cryptocurrencies, indicating sustained investor demand.
Solana (SOL) and Ripple (XRP) saw inflows of $176.5 million and $125.9 million, respectively. On the other hand, Litecoin (LTC) and Toncoin (TON) experienced outflows of $400,000 and $1 million, respectively.
Bloomberg ETF analyst Eric Balchunas stated that last week, spot Bitcoin and Ethereum ETFs set the highest trading volume ever recorded.
In just four trading days last week, the total trading volume for spot Bitcoin and Ethereum ETFs reached $40 billion, primarily driven by the "significant momentum of Ethereum ETFs," Balchunas noted on the X platform on Friday.
He said, "ETHSANITY—Ethereum ETF weekly trading volume was about $17 billion, setting a historical high. July was particularly outstanding."
Nate Geraci, president of NovaDius, also emphasized the trading volume record on the X platform, pointing out that the spot Ethereum ETF "completely broke the previous single-week trading volume record."
He added, "I wonder if there are still any 'demand-less' skeptics."
Related: Jeju Island, South Korea, to seize cryptocurrency assets of suspected tax evaders
Original article: “Ethereum (ETH) ETF Breaks Record, Crypto Assets See $3.75 Billion Weekly Inflows”
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