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

Samuel Edyme

10 months ago

2 mins read

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

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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.

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.

Crypto asset fund flows. | Source: CoinShares

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.

Crypto asset flows by Region — Crypto asset fund flows by Region

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.

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.

Ethereum (ETH) price chart on TradingView amid crypto fund flows — ETH price is moving sideways on the 1-hour chart. Source: ETH/USDT on TradingView.com

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

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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