Ethereum Leads The Charge as Weekly Crypto Inflows Hit $176M—CoinShares

Name	Symbol	Market	Market Cap ($)	Algorithm
Ethereum	ETHUSD	Crypto	326,302,191,845	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Ethereum

ETHUSD

Crypto

326,302,191,845

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-61.32	-2.25%	2,661.92	2,661.94	2,662.52

Price Change

Price Change %

Current Price

Bid Price

Offer

-61.32

-2.25%

2,661.92

2,661.94

2,662.52

High Price	Low Price	Open Price	Prev. Close	52 Week Range
2,739.00	2,651.56	2,718.17	2,723.24	1,520.85 - 4,093.88

High Price

Low Price

Open Price

Prev. Close

52 Week Range

2,739.00

2,651.56

2,718.17

2,723.24

1,520.85 - 4,093.88

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	04:14:33	0.000030	2,661.92	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

04:14:33

0.000030

2,661.92

USD

Price x Volume	Volume	Base Symbol	Related Pairs
63,773,475.00	23,544.02	ETH	ETHEUR	ETHGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

63,773,475.00

23,544.02

Ethereum Leads The Charge as Weekly Crypto Inflows Hit $176M—CoinShares

13/08/2024 12:00am

NEWSBTC

Latest data from crypto asset manager CoinShares has shown a noticeable comeback in the crypto market. In its latest ‘digital asset fund flows weekly report,’ the asset manager revealed that last week marked a significant uptick in investor confidence, as digital asset investment products saw $176 million in inflows. According to James Butterfill, head of research at CoinShares, this surge in inflow signals a strong, “unanimous” positive sentiment across the board, with particular attention to Ethereum-based funds. Related Reading: $0 Flows: BlackRock Unshaken Despite Recent Bitcoin Market Crash, Data Shows Dissecting The Crypto Fund Flows Delving into the report, Butterfill revealed that Ethereum products have “distinctly” stood out, attracting $155 million of the total inflows, the highest year-to-date intake since 2021. This influx highlights the market’s renewed interest in Ethereum, especially with the recent introduction of spot Ethereum exchange-traded funds (ETFs) in the United States, according to Butterfill. Notably, the successful live trading of these funds has not only boosted Ethereum’s position in the global crypto market but also appears to have played a pivotal role in the overall increase in its market cap and investment product offerings. As for Bitcoin, Butterfill revealed in the report that despite seeing outflows earlier in the week, Bitcoin could still end the week with a positive total inflow of approximately $13 million. On the other hand, Short Bitcoin ETPs, as reported, “saw their largest outflows since May 2023, totaling $16m (23% of AuM), reducing AuM for short positions to its lowest level since the start of the year, indicating a substantial investor exit.” Furthermore, Coinshares disclosed that despite the initial volatility, the overall market sentiment has been “overwhelmingly” positive. The report highlights that the inflows weren’t just isolated incidents but part of a broader, global positive reception to digital assets. Notably, regions such as the United States, Switzerland, Brazil, and Canada have been front runners, injecting substantial capital into the market. It is worth noting that this global participation in inflows highlights a collective bullish outlook despite previous major dips. Market Performances: ETH And BTC Bitcoin and Ethereum are struggling to defeat the bears, with both assets still maintaining their price mark above major key levels. Related Reading: Ethereum Price Weakens: Can It Defend the $2,500 Level? For instance, Ethereum still trades above $2,500 at the time of writing, with a current trading price of $2,689. This price mark comes against the asset’s notable increase of more than 11% in the past week and the extended bullishness of a 1.6% surge in the past day. Bitcoin has also seen quite a surge in the past week, increasing by 11.4%. Although the asset has witnessed a decline of 0.4% in the past day, it is still maintaining its price below $60,000. Featured image created with DALL-E, Chart from TradingView

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