Ethereum Continues to Rise, Overtaking Solana in 2024; Inflows Amid Hype for Upcoming ETF Launches
According to a recent report from CoinShares, Ethereum (ETH) saw increased inflows last week, surpassing Solana (SOL) inflows in 2024, coinciding with its imminent launch. Exchange Listed Fund (ETF) allows regulated investment in the second-largest cryptocurrency by market cap in the United States.
ETH dominates inflows
that much report Ethereum has seen strong momentum over the past month, with inflows reaching $45 million last week, pushing it to over $103 million this year, surpassing Solana’s year-to-date (YTD) inflows.
However, Solana saw inflows of $9.6 million during the same period, lagging behind Ethereum with a YTD total of $71 million. inflowAmong other altcoins, Litecoin was the only one to see inflows exceeding $1 million, with $2.2 million recorded last week.
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The report also said that general digital asset investment products have seen continued buying, with inflows reaching $1.35 billion last week, bringing the total to $3.2 billion for the third week in a row, contributing to the recovery in cryptocurrency prices in recent weeks.
Trading volumes in exchange-traded funds (ETFs) also surged by a whopping 45% to $12.9 billion per week, although this volume represented only 22% of total trading volume. Cryptocurrency Market A volume that represents a relatively low ratio.
On the other hand, Bitcoin (BTC) saw inflows of $1.27 million last week, while short Bitcoin ETPs saw outflows of $1.9 million. It is noteworthy that these outflows amount to $44 million since March, which is 56% of assets under management (AuM).
Ethereum, ETF Breakthrough Ready
The Securities and Exchange Commission (SEC) is expected to give full approval to a spot Ethereum ETF today, paving the way for a second cryptocurrency investment vehicle that could attract billions of dollars in retail and institutional cash in the United States. Bloomberg ETF expert James Seifert, famous:
What are you expecting from the Ethereum ETF today? I expect it to start trading tomorrow. That means there will be a lot of filings on the SEC site today saying that the ETF prospectus has become “effective.” Probably after the market closes or something like that.
Ahead of the market regulatory victory following the January approval of a Bitcoin ETF, industry experts say Guess If the SEC approves an Ethereum ETF, it will have significant implications for the Ethereum blockchain and decentralized finance (DeFi) protocols.
Mark Connors, global head of macro strategy at Onramp, a Dallas-based financial services firm, said: Mentioned Reference to Ethereum as an “intermediary protocol” that highlights the important test that an ETF launch would pose to the DeFi ecosystem.
According to Connors, the success and participation of Tuesday’s ETF launch points to increased inflows and adoption, along with Ethereum’s ability to maintain its market position and continue to attract interest, which could have a significant impact on the price.
Despite only a few hours remaining until ETF trading begins, Ethereum It is trading at $3,450, down 1.5% over the past 24 hours, and there is a wall of $3,435 below the current price, meaning it has not fallen any further since Friday.
Featured image for DALL-E, charts from TradingView.com
