Last week, inflows into Ethereum investment products reached their highest level since August 2022, according to CoinShares, a digital asset manager.
This increase comes as investors anticipate the possible approval of an Ethereum spot ETF in the United States.
“Ethereum saw its biggest inflows since August 2022, totaling $49 million. The last two weeks represent a real turnaround in sentiment, likely related to the recent ETH spot ETF listing filing,” said James Butterfill, Head of Research at CoinShares.
The asset manager highlighted that the flows indicate a distinctive shift in investor sentiment, likely driven by BlackRock’s move to file for an Ethereum ETF last week.
Overall, digital asset funds received $293 million in inflows last week, marking the seventh consecutive week of inflows. Bitcoin-related products attracted $240 million, bringing its year-to-date inflows to more than $1 billion.
Exchange-traded product (ETP) trading volumes have also increased, accounting for around 20% of total Bitcoin volume on reputable exchanges. This suggests greater investor participation in ETP compared to the 2020 and 2021 rallies.
Future of Ethereum
The price of Ethereum has been trading above the $2,000 level since BlackRock submitted its application to launch a spot ETF for the second-largest cryptocurrency on the market.
To date, the US regulator has only approved Ether futures ETFs. Therefore, the likely approval of a product in sight excited investors.
According to data from CoinGecko, Ethereum accumulates a weekly increase of over 10%. In the last 24 hours, the price of the cryptocurrency has risen by around 2%. At the time of writing, ETH is changing hands at $2,090.