Digital Asset Funds See $176M Inflows in Past Week

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Over the past seven days, digital asset funds have seen a net inflow of $176 million, signaling renewed investor confidence in the cryptocurrency market. According to a report from CoinShares, this influx of capital is particularly notable as it follows a recent decline in digital asset prices, which many investors viewed as a prime buying opportunity to increase their market exposure.

Ethereum ETFs Led the Chart With the Highest Inflows

Notably, Ethereum-based exchange-traded funds (ETFs) were at the forefront of this surge in investment, primarily driven by the recent launch of spot Ether ETFs. According to reports, Ethereum attracted $155.4 million in inflows last week. The intense interest in these funds brings ETH year-to-date inflows to $862 million, the highest since 2021. 

Recall that the total assets under management of digital products fell to $75 billion; however, they have bounced back to $85 billion. Intriguingly, all regions experienced inflows, indicating widespread positive sentiment toward the asset class following the recent price correction. In the United States, Switzerland, Brazil, and Canada, there were inflows of $89 million, $20 million, $19 million, and $12.6 million, respectively.

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Short Bitcoin ETP Experienced Outflows

James Butterfill, CoinShares’ Head of Research, pointed out that Bitcoin experienced outflows at the beginning of the week but ended with approximately $13 million in inflows. Nevertheless, short Bitcoin Exchange-Traded Products (ETPs) witnessed the most significant outflows since May 2023, amounting to $16 million. This decreased the AUM for short positions to its lowest level since the start of the year, suggesting a significant exit by investors.

This mixed picture of digital assets reflects a dynamic and evolving market landscape. While Bitcoin remains a dominant force, the substantial interest in Ethereum ETFs points to a growing diversification within the digital asset investment space.

Ether ETFs Debut with $1.08B in Trading Volume

The launch of Ether Spot Exchange-Traded Funds has been a moment of celebration for the crypto community. These products generated around $1.08 billion in cumulative trading volume on their first day. This impressive figure, though about 23% of what Spot Bitcoin ETFs saw on their first day, signaled a promising future for Ether ETFs.

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The converted Grayscale Ethereum Trust (ETHE) and BlackRock’s iShares Ethereum Trust (ETHA) led the pack with significant volumes. According to preliminary data from Bloomberg ETF analyst Eric Balchunas, ETHE recorded $458 million, while ETHA saw $248.7 million in trading. Fidelity Ethereum Fund (FETH) came third with $137.2 million, and the Bitwise Ethereum ETF (ETHW) saw $94.3 million.

Interestingly, these investment products recorded a net inflow of $106.6 million on their launch day.

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