Ethereum
Bitcoin and Ethereum funds attract another $185 million amid ETH ETF hype
Bitcoin and Ethereum investment funds continue to attract an influx of capital as enthusiasm grows for the upcoming ETH spot ETFs in the United States.
Global Bitcoin investment funds saw net inflows totaling $148 million last week, according to a Monday. job of CoinShares, while short Bitcoin products saw outflows of $3.5 million.
Meanwhile, Ethereum funds absorbed $33.5 million, marking a second straight week of inflows after several months of little to no net activity for the asset.
“This represents a turnaround in investor confidence in an asset that had seen a series of capital outflows for 10 weeks prior, totaling $200 million,” the asset manager explained. The news also increased Solana’s inflows last week to $5.8 million, now that potential ETFs for Solana and other altcoins seems to be on the table.
Although most inflows come from the United States, significant crypto flows have also been seen in Canada and Switzerland, where the institutional dominance of Ethereum next to Bitcoin is relatively high.
Experts expect Ethereum ETFs to go live in July, with the potential to attract around 20% of the same demand as Bitcoin ETFs. “Getting back 20% of what they got would be a huge win/successful launch by normal ETF standards,” Bloomberg ETF analyst Eric Balchunas. wrote last week.
In total, crypto investment fund inflows worldwide brought in $185 million last week, bringing their year-to-date total to over $15 billion. Volume for the week was $8 billion, up from $13 billion the previous week, per CoinShares.
As usual, most inflows went to the largest new Bitcoin spot ETFs, with funds from BlackRock and Fidelity taking in $297 million and $176.98 million, respectively. That said, “legacy” ETF issuers saw net outflows of $260 million, almost all of which came from the Grayscale Bitcoin Trust (GBTC).
Last week marked a pivotal moment for GBTC, with the long-standing fund losing its status as the world’s largest Bitcoin ETF to BlackRock, whose product charges much lower management fees. Other legacy ETFs around the world have also lost heavily since BlackRock entered the picture, with European funds experiencing 500 million dollars in exits since the beginning of the year.
Since May 27, Bitcoin spot ETFs are also available. crossed the threshold to control 1 million BTC under management.
Edited by Ryan Ozawa.