Global Crypto Investment Products Sees $3.2B Consecutive Inflows

The global crypto investment products continue to see positive sentiments, attracting $1.35 billion in inflows last week. Accordingly, these products have seen a three-week streak of inflows totaling $3.2 billion. Some of the asset managers contributing to these huge inflows of cash include BlackRock, Ark Investment, Fidelity Investment, and Grayscale Investment.

James Butterfill, Head of Research at CoinShares also highlighted a surge in Exchange-Traded Product (ETP) trading volumes.  Specifically, ETP volume increased by 45% week-over-week to $12.9 billion, representing 22% of broader crypto market volumes.

Bitcoin-based Investment Products Shines Bright

Bitcoin-based investment products were not left out of the recent rally, amassing $1.27 billion in inflows last week. However, short-Bitcoin ETPs recorded further outflows of $ 1.9 million, bringing outflows to $44 million since March. 

The bulk of the Bitcoin inflows was made up of US spot Bitcoin Exchange-Traded Funds (ETFs). These products added almost $1.2 billion in net inflows last week, excluding Friday’s figure for Ark Invest’s ARKB ETF, which is yet to be updated.

Per region, the  US and Switzerland recorded the highest inflows of $1.3bn and $66m respectively. On the other hand, countries like Brazil and Hong Kong saw minor outflows totaling $5.2 million and $1.9 million respectively. Surprisingly, spot Bitcoin ETFs in Hong Kong reported an inflows surge earlier in the month. According to previous reports, these ETFs increased to 4,941 BTC, representing an increase of 28.6% from its previous reserve of 3,842 BTC. 

Ethereum Outpaces Solana in YTD Inflows

Meanwhile, prospects for Ethereum (ETH) have improved drastically, as the altcoin recorded a further $45.3 million of inflows last week. “The outlook for Ethereum seems to have turned a corner,” Butterfill noted in the report.  Notably, Ethereum is now the altcoin with the most Year-To-Date (YTD) inflows at $103 million, outpacing Solana’s $71 million.  

Amid ongoing development in the Ethereum ecosystem, a crypto analyst has set a price target of $6,000 for the altcoin in 2024. This price forecast is quite bold for a cryptocurrency that is currently trading at $3,457.

Ethereum ETF Prediction

The analyst based its ETH price prediction on the potential launch of spot ETH ETFs in the US. There are expectations that the asset will see a rise in inflows from the new investment vehicle, leading to a breakout. As reported earlier, five ETH ETFs have been scheduled to premiere on the Chicago Board Options Exchange (CBOE) on July 23.