Ethereum Institutional Flows Hit Yearly All-Time High; Price to Skyrocket?
Ethereum (ETH) institutional products have surged to a yearly all-time high, exceeding $2.2 billion. Digital asset institutional flows have moved upward in the last two months. These investors rallied in the positive sentiment around the market after the United States Securities and Exchange Commission (SEC) approved Bitcoin ETFs.
ETH funds saw inflows of $634 million, marking a turnaround as investors increased their appetites. The asset remains a top choice for firms due to its staking feature and the approval of its spot ETF products. At the moment, investors are setting sights on a bullish drive on the heels of ETF inflows. Although the ETH price failed to break multiple resistance levels like Bitcoin, an uptick is still within the grasp of bulls.
Several analysts opine that Ethereum will eventually notch its bull run, similar to Bitcoin, which is leading the altcoin season. Decentralized finance (DeFi) numbers mark another positive attraction for investors. ETH monthly inflows stand at $1.4 billion, while total assets under management (AUM) move to $16.2 billion.
Crypto Products Record Weekly Inflows
A new CoinShares Weekly Fund Flows report shows total market gains totaling $270 million, a drop from previous weeks after the United States elections. This figure has pushed yearly numbers to $37.3 billion while total AUM soars above $152 billion.
while the flows displayed an unusual dichotomy between assets within the asset class. Since the launch of options on US ETFs, despite their high initial volumes, we have not seen a commensurate rise in ETP volumes at US$22bn last week, compared to US$34bn the week prior. Total inflows this year so far are at a new record of US$37.3bn, CoinShares explained.
Bitcoin Posts Outflows
After several weeks of positive movements, Bitcoin saw $457 million outflows, reducing gains in the last 30 days to $6.2 billion. The market leader recorded massive entrants in the market as bulls project possible crypto regulations in the United States. Bitcoin price soared to multiple all-time highs trading above $99K before a price retracement.
Altcoins generally moved sideways, although Ethereum and XRP led inflows. XRP posted $95 million in inflows, while monthly growth stood at $115 million. Litecoin, Cardano, and Chainlink pulled in slight $0.2 million, $0.9 million, and $0.8 million, respectively. Progressive movement into altcoins draws speculation on the start of the altcoin season.
Read more: https://zycrypto.com/ethereum-institutional-flows-hit-yearly-all-time-high-price-to-skyrocket/
Text source: ZyCrypto
