Crypto Investment Products See Over $1 Billion Inflows in a Week with BTC, ETH, and SOL Standing Out
Cryptocurrency investment products saw over $1.05 billion in inflows over the past week with Bitcoin (BTC) products seeing $1.012 billion and Ethereum focused products seeing $35.5 million of inflows.
According to CoinShares’ latest Digital Asset Fund Flows report, other altcoin investment products saw inflows with Solana (SOL) products standing out after seeing $8 million of inflows, bringing total year-to-date flows to $29 million as investors keep betting on the smart contract platform.
Litecoin, XRP, and Chainlink also saw inflows, while investment products focusing on Binance’s BNB. Cardano’s ADA, and on multiple cryptocurrencies all saw small outflows, with Cardano’s standing out s $1.2 million were withdrawn from these products, ringing year-to-date flows down to just $8 million.
Meanwhile, products shorting the flagship cryptocurrency Bitcoin saw outflows of $4.3 million. These flows occurred shortly after the SEC approved applications from major stock exchanges to list spot Ether exchange-traded funds (ETFs) clearing the path for these products to start trading later this year.
The SEC’s approval was met with optimism in the cryptocurrency space, with the price of ETH surging around 20% in a day after the decision was revealed, while the cryptocurrency market as a whole added over $200 billion to its market capitalization.
The approval marks a significant shift for the SEC, which has historically been cautious about cryptocurrency and had been investigating whether to deem the second-largest cryptocurrency a commodity or a security.
While the exchange applications were approved, individual ETF issuers including VanEck, ARK Investments, and BlackRock still need the SEC to greenlight their registration statements before trading can begin.
After a recent correction, Ethereum’s price is now up around 1.8% over the last week to now trade at $3,855, while BTC is down over 2.3% over the same period as it’s now trading at around $68.200 at the time of writing.
Featured image via Unsplash.