{"id":630979,"date":"2024-07-23T05:00:01","date_gmt":"2024-07-23T05:00:01","guid":{"rendered":"https:\/\/uniquehot.com\/?p=630979"},"modified":"2024-07-22T16:05:07","modified_gmt":"2024-07-22T16:05:07","slug":"ethereum-eclipses-solana-in-2024-inflows-amid-hype-for-upcoming-etf-launch","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/ethereum\/ethereum-eclipses-solana-in-2024-inflows-amid-hype-for-upcoming-etf-launch\/","title":{"rendered":"Ethereum Eclipses Solana In 2024 Inflows Amid Hype For Upcoming ETF Launch"},"content":{"rendered":"

According to a recent report from CoinShares, Ethereum (ETH) saw an uptick in inflows last week, surpassing Solana’s (SOL) inflows for 2024, coinciding with the impending launch of <\/span>exchange-traded funds<\/span><\/a> (ETFs) that will allow regulated investment in the US for the second-largest cryptocurrency by market capitalization.\u00a0<\/span><\/p>\n

ETH Dominates Inflows<\/span><\/h2>\n

The <\/span>report <\/span><\/a>highlights Ethereum’s strong momentum recorded over the past month, with inflows reaching $45 million last week, amounting to the year for over $103 million, outpacing Solana’s inflows year-to-date (YTD).\u00a0<\/span><\/p>\n

Solana, however, also witnessed inflows of $9.6 million during the same period, resulting in a YTD total of $71 million, which lags behind Ethereum’s <\/span>inflows<\/span><\/a>. Among other altcoins, Litecoin was the only one to receive inflows exceeding $1 million, with $2.2 million recorded last week.<\/span><\/p>\n

Related Reading: US Spot Ethereum ETFs Poised To Draw $1.2 Billion Monthly: Research Firm<\/a><\/div>\n

The report also shows that general digital asset investment products saw continued buying, with inflows totaling $1.35 billion last week, bringing the three-week inflow streak to $3.2 billion, impacting the recovery in crypto prices in recent weeks.\u00a0<\/span><\/p>\n

Additionally, trading volumes of exchange-traded funds increased significantly by 45% week-on-week to $12.9 billion. However, these volumes represented only 22% of the broader <\/span>crypto market <\/span><\/a>volumes, indicating a relatively lower proportion.<\/span><\/p>\n

Bitcoin (BTC), on the other hand, recorded $1.27 million in inflows last week, while short-bitcoin ETPs observed outflows of $1.9 million. Notably, these outflows amounted to $44 million since March, representing 56% of the assets under management (AuM).\u00a0<\/span><\/p>\n

Ethereum Prepares For ETF Breakthrough<\/span><\/h2>\n

The Securities and Exchange Commission (SEC) is expected to fully approve spot Ethereum ETFs today, paving the way for a second cryptocurrency investment vehicle in the US that could attract billions of dollars in retail and institutional investor cash. James Seyffart, Bloomberg ETF expert, <\/span>noted<\/span><\/a>:<\/span>
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What are we expecting today for the Ethereum ETFs? We expect them to begin trading tomorrow. That means we should see a bunch of filings on SEC site today that say the ETFs’ prospectuses have gone “effective”. Likely after or around market close.<\/span><\/p><\/blockquote>\n

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