Ethereum
$2bn crpto inflows recorded, Ethereum leads with $69m
The cryptocurrency market has recorded major increase in investment inflows in June, hitting an impressive $2 billion.
CoinShares says this influx marks a notable shift in investor sentiment, driven by unexpected economic data from the U.S.
A weekly report by CoinShares indicated that the digital asset market experienced robust inflows, bringing the total to $4.3 billion over the past five weeks.
The first week of June alone saw trading volumes for exchange-traded products (ETPs) skyrocket to $12.8 billion, a 55% increase from the previous week.
Most providers of crypto ETPs reported positive inflows, a trend CoinShares describes as unusual.
This shift is attributed to weaker-than-expected U.S. macroeconomic data, which has led investors to anticipate earlier rate cuts from the Federal Reserve.
This positive trend pushed the total assets under management (AUM) in digital assets above the $100 billion mark for the first time since March 2024.
Among the ETP providers, iShares led the pack with $948 million in inflows, followed by Fidelity ETFs with $680 million. Grayscale Investments and CoinShares XBT were the only providers that recorded outflows during this period.
While Bitcoin continues to dominate the market with $1.97 billion in weekly inflows, Ethereum also had a remarkable week.
Ether-based products saw $69 million in inflows, their best performance since March.
This surge is likely linked to the recent approval of Ether-based spot ETFs by the Securities and Exchange Commission on May 23.
Other altcoins like Fantom and XRP saw modest inflows, with $1.4 million and $1.2 million, respectively.
About The Author
