Ethereum Inflow Hits $34 Million – ETFs Seem to Be the Reason
According to a report from digital asset investment firm CoinShares, digital asset investment products recorded inflows totaling $185 million last week, marking the fourth consecutive week of inflows. While this marked an 82% decline from the previous week’s $1.05 billion in inflows, it brought May’s inflows to $2 billion and pushed year-to-date inflows into crypto funds above $15 billion .
Ethereum is gaining momentum
Since the U.S. Securities and Exchange Commission (SEC) approved the first batch of applications for spot Ethereum exchange-traded funds (ETFs) from Grayscale, Bitwise, iShares, VanEck, Ark Invest, Invesco, Fidelity and Franklin Templeton on May 22, Ethereum-based products have seen significant inflows. This was also the case last week, where Ethereum products recorded their second week of inflows, amounting to over $34 million.
Impact on Solana
This positive development for Ethereum has also impacted Solana, which saw further inflows of $5.8 million last week, according to CoinShares. This was influenced by the statistically positive correlation between both digital assets.
The influx of Ethereum and the adoption of ETFs indicate growing confidence in the market and could lead to further price increases for Ethereum and related digital assets such as Solana.
