Ethereum

Bitcoin

James

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 <a href="https://blog.coinshares.com/volume-192-digital-asset-fund-flows-weekly-report-1f25c92e38fe" target="_blank" rel="noopener noreferrer nofollow">highlighted</a> a surge in Exchange-Traded Product (ETP) trading volumes.&nbsp; Specifically, ETP volume increased by 45% week-over-week to $12.9 billion, representing 22% of broader crypto market volumes.
<h2 id="b-bitcoin-based-investment-products-shines-bright-b">Bitcoin-based Investment Products Shines Bright</h2>
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.&nbsp;
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&nbsp; 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, <a href="https://thecoinrise.com/bitcoin-etf-experience-surge-in-hong-kong-and-australia/" rel="noopener noreferrer nofollow">spot Bitcoin ETFs in Hong Kong reported</a> 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.&nbsp;
<h2 id="b-ethereum-outpaces-solana-in-ytd-inflows-b">Ethereum Outpaces Solana in YTD Inflows</h2>
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.&nbsp; Notably, Ethereum is now the altcoin with the most Year-To-Date (YTD) inflows at $103 million, outpacing Solana’s $71 million.&nbsp;&nbsp;
Amid ongoing development in the Ethereum ecosystem, a <a href="https://thecoinrise.com/leading-crypto-journalist-sets-6000-price-target-for-eth-in-2024-pushing-erc-20-altcoins-to-rally/" rel="noopener noreferrer nofollow">crypto analyst has set a price target</a> of $6,000 for the altcoin in 2024. This price forecast is quite bold for a cryptocurrency that is currently trading at $3,457.
<h2 id="b-ethereum-etf-prediction-b">Ethereum ETF Prediction</h2>
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, <a href="https://thecoinrise.com/five-ethereum-etfs-to-begin-trading-on-cboe-on-july-23/" rel="noopener noreferrer nofollow">five ETH ETFs have been scheduled to premiere</a> on the Chicago Board Options Exchange (CBOE) on July 23.
The post <a href="https://thecoinrise.com/global-crypto-investment-products-sees-3-2b-consecutive-inflows/" rel="noopener noreferrer nofollow">Global Crypto Investment Products Sees $3.2B Consecutive Inflows</a> appeared first on <a href="https://thecoinrise.com" rel="noopener noreferrer nofollow">Latest News and Insights on Blockchain, Cryptocurrency, and Investing</a>.

Global Crypto Investment Products Sees $3.2B Consecutive Inflows

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TheCoinrise Media

Інші статті, опубліковані 22 лип. 2024 р.

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