Key Points
- Ethereum outperforms Solana in 2024 inflows, recording $103 million year-to-date, ahead of an expected ETF approval.
- Bitcoin investment products saw $1.27 billion worth of inflows in the past week.
According to the latest Digital Assets funds flow report, Ethereum outpaced Solana’s inflows for 2024 last week, recording $45 million.
This has taken Ethereum’s year-to-date inflows to an impressive $103 million. Meanwhile, Solana’s investment products also experienced inflows of $9.6 million last week, bringing the total to $71 million.
Anticipation of Ethereum ETF Approval
The significant inflows into Ethereum come as the market eagerly anticipates the launch of a spot Ethereum ETF, which is expected to go live on July 23.
Market analysts predict a surge in Ethereum following the ETF approval, similar to the trend observed after the approval of spot Bitcoin ETFs earlier this year in January.
At the time of writing, Ethereum is trading at $3,500 with a market cap of $420 million and daily trading volumes have soared by over 76% to more than $17 billion. However, Ethereum has found it challenging to cross the $3,500 resistance level.
Bitcoin Investment Products Experience Significant Inflows
Bitcoin investment products have seen substantial inflows in the past week, recording $1.27 billion, largely due to heavy inflows into spot Bitcoin ETFs in the US.
In addition, short-Bitcoin ETPs experienced further outflows of $1.9 million last week. Overall, digital asset investment products have seen substantial buying activity last week, with total inflows reaching $1.35 billion.
This has led to three consecutive weeks of inflows totaling $3.2 billion. Exchange-traded product (ETP) trading volumes also increased significantly, rising 45% week-on-week to $12.9 billion. Despite this, it still represents a lower-than-usual 22% of the broader crypto market volumes.
Regionally, the inflow picture varied. The US and Switzerland saw significant inflows of $1.3 billion and $66 million, respectively. In contrast, Brazil and Hong Kong experienced minor outflows, totaling $5.2 million and $1.9 million, respectively.
