Bitcoin and Ethereum ETF Investment Scene
The latest data from CoinShares reveals contrasting trends in the Bitcoin and Ethereum ETF investment scene. While Bitcoin remains bullish, a newly launched Ethereum ETF presents a mixed picture. Despite these mixed signals, overall market sentiment remains positive, with total assets under management (AuM) nearing the $100 billion mark.
Bitcoin Continues to Surge
Bitcoin’s momentum remains strong, with inflows totaling $519 million last week. This brings Bitcoin’s month-to-date inflows to an impressive $3.6 billion and its year-to-date figure to a record-breaking $19 billion. Analysts attribute this sustained interest to recent discussions about Bitcoin as a potential strategic reserve asset and expectations for a Federal Reserve rate cut in September 2024.
Ethereum ETF Activity
The launch of the U.S. Spot Ethereum ETF sparked significant market activity. The new products attracted $2.2 billion in inflows, one of the largest since December 2020, but withdrawals amounted to $1.5 billion. As a result, there was an overall outflow of $285 million from Ethereum products. Despite these fluctuations, the broader digital asset investment landscape remains positive, with total inflows for the year reaching $20.5 billion, a new industry record. Trading volume also surged to $14.8 billion this week, the highest level since May.
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