Spot Ethereum ETFs debuted to a staggering $2.2 billion in investments. A new cryptocurrency has been launched. CoinShares Grayscale has a net performance of $285,000,000, which is balanced by the inflow of funds into ETH.
This is the highest Ether flow since 2022. The newly-launched products also led to a 542% rise in investments into ETH Exchange Traded Products. Net outflows are the total net flows from Grayscale’s $1.5 billion Ethereum Trust The positive performance of products has been dampened.
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Ethereum ETFs drive crypto investment inflows
By 2024, ETFs based on crypto currencies will dominate the financial world. In the US, Bitcoin and Ethereum have been adopted as investment vehicles. The crypto market is continuing to gain mainstream acceptance. The ETH launch has had a mix bag of reactions, but it’s already made some people take notice.
CoinShares reports that newly launched Spot Ethereum ETFs benefited from $2.2 Billion in Inflows. The report also notes that Bitcoin attracted over $3.6 billion in the last month. BTC investments have reached $19 billion in total, which is an all-time record.
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This report states that the speculation around US election and BTC integration is driving this interest. Donald Trump Recently, it was discussed that BTC could be a reserve asset of strategic importance for the nation. In his address at Bitcoin Conference 2020 The future of the asset is viewed differently by many.
Total investments have exceeded $20 billion in this asset class so far. Trading volumes in May have also reached a record high. This figure is a result of the ETH ETFs that were released just one week before.
Ether has not yet reached a price that is unimaginable. In the last week, the price of second largest cryptocurrency decreased by more than 4%. CoinMarketCap. The price has increased by 1% in the past day, to $3316.
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Source: watcher.guru