Last week, cryptocurrency investment products saw inflows of $245 million and bitcoin saw inflows of $519 million, bringing inflows over the past month to $3.6 billion.
The recently launched Ether spot #ETF saw the "largest inflows since December 2020, according to CoinShares' Digital Asset Fund Flow Report, with trading volume in ETH-listed products (ETPs) up 542% since launch.
the report states:
This figure is somewhat contradictory, as Grayscale launched a new mini-trust ETF (the previous week) with funds from an existing closed-end trust (~$1 billion), which may help explain the steady outflows in recent years.
Otherwise, last week's #BTC ETP recorded an outflow of $284.9 million, in part because the new Grayscale mini-trust ETF contains funds from the closed-end Grayscale Ethereum Trust, and investors were also withdrawing funds from that trust. That's what happened.
Notably, exchange-traded products offering access to multiple cryptocurrencies saw inflows of $8.7 million last week, while products offering access to #Cardano saw inflows of $1.2 million, up from $500,000 for #XRP products and $400,000 for blockchain products.
The $2.2 billion in fund inflows into Ethereum-focused instruments also occurred shortly after the launch of the Ethereum ETF spot in the U. S. and during a period of increased whale activity on the blockchain.
IntoTheBlock, blockchain data shows a surge in activity among large ethereum investors. On July 24, whale trading (transactions over $100,000) reached a one-month high with 3.5 million #BTC trades in one day, and the record was broken the next day with 3.68 million ETH trades ($ 12.1 billion) in one day.
Read us at: Compass Investments
