Ethereum
Ethereum (ETH), Cardano (ADA), XRP, Chainlink (LINK), Solana (SOL) funds attract new flows
Alex Dovbnya
Ethereum funds recorded their second consecutive week of inflows
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According to a recent update According to European alternative asset manager CoinShares, digital asset investment funds based on cryptocurrencies such as Bitcoin, Ethereum, Solana, Litecoin, XRP and Cardano have seen a new wave of inflows.
Bitcoin, of course, led the way with an inflow of $148 million in just one week. Ethereum extended its bullish streak with the second straight week of gains. The second-largest cryptocurrency attracted an impressive inflow worth $33 million over a seven-day period.
The flagship altcoin is benefiting from renewed investor enthusiasm following the shocking approval of several Ethereum spot ETFs that caught many analysts off guard last month. As reported by U.TodayJan van Eck, CEO of VanEck, suggested that the SEC’s turnaround could possibly be explained by strong bipartisan support for crypto in Congress.
Solana comes in third place with $5.8 in revenue. It is followed by Chainlink funds, which managed to attract just $1 million in inflows.
Other cryptocurrency-based funds such as Solana and Cardano have only managed to record negligible amounts.
In terms of geographic distribution, the United States, Switzerland and Canada lead in terms of total inflows. Hong Kong, for comparison, saw negligible amounts after its ETFs underperformed.
About the Author
Alex Dovbnya
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience covering everything related to this booming industry, from price analysis to blockchain disruption. Alex has authored over 1,000 articles for U.Today, CryptoComes and other fintech media. He is particularly interested in regulatory trends across the world that are shaping the future of digital assets. He can be contacted at alex.dovbnya@u.today.