Bitcoin receives $2 billion and Ethereum registers the largest institutional purchase since March
One trader expects ETH prices to reach $10,000 in 2024, an increase of nearly 200% from current levels of $3,600.
Crypto investment products received nearly $2 billion in inflows last week to help extend a five-week streak to more than $4.3 billion, asset manager CoinShares said in a Monday report.
Trading volumes for exchange-traded products (ETPs) rose to $12.8 billion during the week, up 55% from the previous week. Bitcoin led investment activity with inflows of more than $1.97 billion for the week, while ether (ETH) recorded its best week of inflows since March with nearly $70 million.
Bitcoin Spot ETF buying activity in the US has picked up since mid-May after a dismal few weeks in April, which saw days of zero net inflows across products and even product outflows important ones like BlackRock's IBIT. However, inflows have increased since then: IBIT last week became the largest bitcoin ETF, accumulating more than $20 billion in assets since its issuance in January.
“$5 to $10 billion of fresh capital could be channeled through ether products in the short to medium term,” Ed Hindi, chief investment officer at Tyr Capital, told CoinDesk in an email on Monday. “This could fuel a year-end rally in ETH and its ecosystem to new all-time highs.”
“A price target of $10,000 in 2024 is now a reasonable target, especially when taking into account other supporting factors such as ETH now being deflationary,” Hindi added.
