ETH Inflows Hit $33.5M With SEC Approval of Spot Ethereum ETF

Ethereum is experiencing a change in sentiment due to the SEC’s approval of a one-time Ether ETF that will go live next month.

According to the latest report from CoinShares, Ethereum-based investment products experienced a second consecutive week of inflows that marked a reversal of a 10-week outflow streak to the tune of $200 million. Over the past week, Ethereum recorded inflows of $33.5 million, increasing its monthly inflows of $21 million.

Altcoins follow Ethereum’s lead with entries

Investment products focused on digital assets saw capital inflow for the fourth consecutive week, totaling $185 million. The month of May witnessed inflows totaling $2 billion, pushing the year-to-date inflows past $15 billion.

However, trading volumes declined for the week, falling from $13 billion the previous week to $8 billion, according to the latest edition of CoinShares’ weekly digital asset fund flows report.

Meanwhile, Bitcoin witnessed inflows worth $148 million, while short BTC saw another week of outflows totaling $3.5 million, indicating continued positive sentiment among ETF investors .

In addition to Ethereum, other altcoin-based investment products also saw comparable inflows during the week. Solana led with $5.8 million in tickets, followed by Chainlink with $1 million. Then there is XRP with $0.8 million, Litecoin with $0.6 million and Cardano with $0.3 million during the same period.

Despite recent successes in direct investments in digital assets, blockchain stocks have continued to face challenges, with $7.2 million in outflows seen last week and a total of $516 million in outflows recorded this year.

The United States leads the weekly entry

The United States dominated the weekly box office, registering an influx of $130 million. Switzerland also witnessed major inflows worth $36.8 million during the same week. Canada followed closely behind with the next highest receipts at $24.6 million.

While Hong Kong, Australia and Germany saw modest inflows of $1.7 million, $1.4 million and $0.5 million respectively, Sweden and Brazil saw outflows. Sweden recorded outflows of $5.1 million, while Brazil had outflows of $4.4 million for the week.

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