The recent report from CoinShares reveals that Ethereum (ETH) has experienced a surge in inflows, surpassing Solana (SOL) for the year. This increase in investment comes at a time when exchange-traded funds (ETFs) are set to be launched, allowing regulated investment in the US for the second-largest cryptocurrency by market capitalization.
The report emphasizes Ethereum’s strong momentum over the past month, with inflows of $45 million recorded last week alone. This amount adds up to a total of over $103 million for the year, outpacing Solana’s inflows year-to-date.
While Ethereum saw significant inflows, Solana also received $9.6 million during the same period, bringing its year-to-date total to $71 million. Among other altcoins, Litecoin was the only one to attract inflows exceeding $1 million, with $2.2 million recorded last week.
The report indicates that general digital asset investment products experienced continued buying, with total inflows of $1.35 billion last week. This three-week inflow streak reached $3.2 billion, contributing to the recent recovery in crypto prices. Moreover, trading volumes of exchange-traded funds increased by 45% week-on-week to $12.9 billion.
In contrast to Ethereum’s inflows, Bitcoin (BTC) recorded $1.27 million in inflows last week. However, short-bitcoin exchange-traded products observed outflows of $1.9 million, totaling $44 million since March, which represents 56% of the assets under management.
The report also highlights the Securities and Exchange Commission’s (SEC) expected full approval of spot Ethereum ETFs, opening the door to a second cryptocurrency investment vehicle in the US. This approval is anticipated to attract significant investment from retail and institutional investors.
Industry experts speculate that the approval of Ethereum ETFs by the SEC will have a substantial impact on the Ethereum blockchain and its decentralized finance (DeFi) protocol. The launch of these ETFs will test Ethereum’s market standing, ability to attract sustained interest, increased inflows, and adoption, potentially affecting its price in the long run.
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