$ETH $BTC Spot Ethereum ETFs Boost Trading Volumes to $14.8 Billion, Highest Since May
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The debut of spot Ethereum ETFs in the United States has led to a significant surge in trading volumes, reaching $14.8 billion, the highest since May. CoinShares also reported that total assets under management (AuM) surpassed $99 billion.Significant Inflows and Market ImpactThe launch of spot Ethereum ETFs resulted in some of the highest inflows since December 2020, attracting $2.2 billion last week. This surge led to a 542% increase in the trading volume of Ethereum ETPs. However, the inflows were somewhat offset by the impact of Grayscaleâs existing $1.5 billion Ethereum trust, which resulted in a net outflow of $285 million for the week. This situation is reminiscent of the Bitcoin trust outflows observed during the January 2024 ETF launches.Ethereum ETFs Drive Market ActivityAccording to the "Digital Asset Fund Flows Weekly Report," the launch of Ethereum ETFs significantly boosted the trading volume of digital asset investment products to $14.8 billion. Despite this surge, overall inflows remained modest at $245 million. The recent price increase pushed the total AuM to $99.1 billion, with year-to-date (YTD) inflows reaching $20.5 billion.Bitcoin also experienced strong inflows of $519 million over the past week, bringing its month-to-date inflows to $3.6 billion and its YTD inflows to a record $19 billion. CoinShares attributed this renewed investor confidence to US electioneering remarks about Bitcoin potentially becoming a strategic reserve asset and the increased likelihood of a FED rate cut in September 2024.
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