Simply put
- Last week, the Ethereum ETF saw an inflow of $2.12 billion, nearly double its previous record, pushing total global crypto ETF flows to an unprecedented high.
- Ethereum’s price jumped 25% over the week, while Bitcoin’s value stayed relatively stable despite reaching a new high of $123,000.
- Digital asset investment products have experienced 14 consecutive weeks of inflows, accumulating a total of $220 billion under management.
Last week marked a peak in global flows to Bitcoin and Ethereum ETFs, but it’s really Ethereum that seems to be leading the charge.
A recent CoinShares Report indicated that “Ethereum stole the show.”
During the week ending July 19, the total inflow into Ethereum products amounted to about $2.12 billion. That’s quite remarkable, especially given that the total was around $6.2 billion at the start of the year. This current figure also nearly doubles the previous record of $1.2 billion.
In terms of overall numbers, both Bitcoin and Ethereum saw strong inflows as investors were looking for better returns. Bitcoin’s flow for the week was close to $2.2 billion.
Bitcoin did reach a new high of $123,000 last Monday, but its price has remained flat lately as altcoins have been recovering. Over the last week, Ethereum prices have surged, climbing 25%, but they still sit about $1,000 shy of their record high of $4,891, which was set in November 2021.
Currently, digital asset investment products have been on a 14-week inflow streak, totaling assets under management at $220 billion, according to CoinShares.
The popularity of Ethereum funds started to rise slowly last summer. Interestingly, a report from the Crypto Trading Firm WinterMute noted that “the absence of a staking mechanism” might hinder the attractiveness of ETFs launched by firms like BlackRock. Recently, BlackRock reached out to the SEC to reconsider allowing them to stake a portion of their Ethereum holdings in the iShares Ethereum Trust.
Recent data also underscores the increasing significance of institutional inflows in maintaining Bitcoin’s value. Currently, Bitcoin, the largest digital asset by market cap, stands at $118,244, reflecting a 2.8% decrease over the past week.
A recent survey from the London-based custody firm Copper suggested that for every 10,000 coins added to ETF holdings, Bitcoin’s price could increase by an average of 1.8%.
Analysts noted that the Bitcoin ETF has accrued 165,000 coins since the market decline in April, but they hinted that slower trading activity during the summer months might affect overall momentum.
Note: This story will be updated following publication to rectify the figures for the weekly Ethereum ETF inflow and observe that week’s Bitcoin flow.
