Ether ETFs smash records as crypto products see $3.75B inflows

Cryptocurrency concern products saw different week of beardown inflows, mostly driven by Ether exchange-traded products (ETPs).

Global crypto ETPs posted $3.75 cardinal of inflows during the trading week ending Friday, the European crypto plus manager CoinShares reported connected Monday.

The inflows came amid a beardown bullish momentum for Ether (ETH), with prices nearing all-time precocious levels supra $4,700 past Thursday, according to CoinGecko data.

After 4 days of inflows, however, the capitalist sentiment shifted to red, with some Bitcoin (BTC) and Ether funds seeing outflows past Friday, according to SoSoValue.

Bitcoin ETPs spot humble inflows contempt ATH supra $124,000

Despite Bitcoin surging supra $124,000 past Wednesday, BTC failed to thrust monolithic ETP gains past week, with inflows totaling $552 million, oregon conscionable astir 15% of full play inflows.

On the different hand, Ether topped past week’s gains with inflows totaling $2.9 billion, marking increasing capitalist appetite for the altcoin ETP.

Crypto ETP flows by plus arsenic of Friday (in millions of US dollars). Source: CoinShares

Solana (SOL) and XRP (XRP) saw inflows of $176.5 cardinal and $125.9 million, respectively. On the different hand, Litecoin (LTC) and Toncoin (TON) saw outflows of $0.4 cardinal and $1 million, respectively.

Highest trading measurement week ever

According to Bloomberg ETF expert Eric Balchunas, past week marked the highest trading measurement week ever seen by spot crypto exchange-traded funds (ETFs).

Just aft 4 trading days past week, spot Bitcoin and Ether ETFs reached $40 cardinal successful trading measurement past week, mostly driven by “Ether ETFs stepping up big,” Balchunas wrote connected X connected Friday.

“ETHSANITY: Ether ETFs play measurement was astir $17 billion, blowing distant record, antheral did it aftermath up successful July,” helium said.

Source: Eric Balchunas

NovaDius president Nate Geraci besides took to X to highlight the trading measurement records, observing that spot Ether ETFs “absolutely obliterated erstwhile play trading measurement record.”

“Wonder if determination are immoderate “no demand” naysayers inactive retired there,” helium added.

Magazine: Coinbase calls for ‘full-scale’ alt season, Ether eyes $6K: Hodler’s Digest, Aug. 10 – 16