As a seasoned crypto investor with over a decade of experience navigating the digital asset landscape, I find myself increasingly intrigued by the recent trend towards Ethereum ETFs driving inflows into crypto funds. With a portfolio that has weathered numerous market cycles, I’ve learned to recognize opportunities and seize them promptly.
In the past week, cryptocurrency investment funds experienced a total inflow of $176 million, boosted by growing market activity and the debut of positive net inflows for Ethereum ETFs. Since its launch, the Ethereum ETF has seen its first increase in net assets, contributing to this growth. Traditional investors are increasingly investing in digital currencies following the approval of these funds.
Ethereum ETFs Drive Crypto Funds to $176 Million Inflows
Last week, I found myself among those who poured $176 million into various crypto products, with Ethereum being the preferred choice due to the surge in ETF momentum. As per the CoinShares Weekly Fund Flows report, I saw the recent price dip as a golden opportunity and increased my market exposure. Initially, Bitcoin showed outflows at the start of the week, but by the end of it, I joined the bandwagon, contributing to net weekly inflows worth $13 million for Bitcoin.
Despite the surge of Bitcoin ETF approvals recently, it took a backseat compared to Ethereum and diverse asset products. Flourishing ETH-centric investments led the pack with an inflow of approximately $155.4 million, as Ethereum ETFs recorded positive gains.
“In the past week, Ethereum has seen a significant boost due to the market correction, with an influx of approximately $155 million. This brings its total year-to-date inflows to a record high of $862 million, the highest since 2021. This surge is primarily attributed to the recent introduction of US spot-based Exchange Traded Funds.”
Over the past week, there were significant outflows of $16 million from short Bitcoin, marking the highest since May 2023. This has negatively impacted the Assets Under Management (AUM) for short positions. Currently, the total AUM stands at $84.9 billion, with over $22 billion in crypto funds this year. Moreover, recent investments into Ethereum ETFs have surpassed those of rival assets on a monthly basis.
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Are Investors Moving To Altcoins?
The market is currently witnessing a surge of interest in altcoins, after the recent recovery from the previous downturn. Many investors saw this as a good time to buy, and they often did so using Ethereum ETFs. Crypto ETFs tend to bring more traditional investments into the market. At present, Bitcoin is experiencing high selling pressure in the spot markets, but Ethereum shows some buying interest. However, the perpetual market indicates increased selling activity. Last week, crypto funds reported inflows from various regions.
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2024-08-12 13:59