More flows are heading towards Ethereum
The institutional landscape for cryptocurrencies seems to be undergoing radical changes at the moment.
After Ethereum faced sustained negative inflows throughout the year amounting to $107 million, a positive change suddenly appears to have occurred as Ethereum has seen inflows totaling $17.5 million since August 2022.
In this latest shift, digital asset investment products saw total inflows of $261 million, marking the sixth consecutive week of positive inflows.
Thus, the total value of these flows rises to $767 million, exceeding the total flows of $736 million in 2022.
Bitcoin continued to be the main attractor for investments, with inflows into Bitcoin exceeding $229 million, contributing significantly to overall year-to-date inflows of $842 million.
Spot ETFs in the United States continued to offer promising prospects, as confirmed by the “CoinShares” report. In addition to Ethereum, the Solana coin witnessed inflows worth $11 million, which confirms the escalation of investor interest in it.
Other altcoins such as Chainlink also saw inflows of $2 million, which represented 17% of total AUM and Polygon and Cardano recorded inflows of $0.8 million and $0.5 million, respectively.
Finally, the prominent role of the United States as a major participant in this context is evident, as the country led inflows worth $157 million.
Germany, Switzerland, and Canada came in second place with inflows of $63 million, $36 million, and $9 million, respectively.
