Bitcoin Leads the Charge
Bitcoin was still the first priority for the investors, adding a total of $1.27 billion last week, as indicated in a Monday report by CoinShares. In comparison, short-bitcoin ETPs lost $1.9 million, resulting in a cumulative outflow of $44 million since March. Regardless of these outflows, they are only 56% of the total assets under management (AuM), remaining as a positive trend since the Bitcoin halving event in April.
ETPs Trading Volume Surge
Together with the flow of money into these funds, the volumes of exchange-traded products (ETPs) also showed a significant rise, reaching $12.9 billion, a 45% increase week on week. However, these volumes are responsible for only a lower 22% of the total crypto market volumes. The regional breakdown painted a mixed picture compared to the previous week. The United States and Switzerland both experienced inflows of $1.3 billion and $66 million, respectively. On the other hand, Brazil and Hong Kong were the only countries to experience outflows, with $5.2 million and $1.9 million, respectively.
Altcoins on the Rise
Ethereum signs a positive direction, at the same time, inflows of another $45 million last week increased the inflow to Solana above the current highest altcoin, with $103 million. On the other hand, Solana added money as well, with $9.6 million inflows, yet, Ethereum with the total of the YTD inflows of $71 million takes the lead. Among other altcoins, only Litecoin was a positive one, with inflows over 1 million, $2.2 million was the amount reported last week.
While Technology evolved with the token, blockchain stocks had another week where they faced outflows of $8.5 million. Outperformed by the majority of exchanged-traded funds (ETFs) Swedish funds, the existing cryptocurrency ETFs receive $100 million inflows while reporting $1 billion outflows globally.
Recovery Is Still the Trusted Trend in the Market of Cryptos and ETH ETFs Are Imminent
Cryptocurrency market’s recovery was a next major move in the market as investors remain optimistic about the launch of a traditional Ether fund. Alongside the launch of 5 spot Ethereum ETFs on June 23, CBOE also announced it would be done. The five spot Ether ETFs that will start trading are the 21Shares Core Ethereum ETF, Fidelity Ethereum Fund, Invesco Galaxy Ethereum ETF, VanEck Ethereum ETF, and Franklin Ethereum ETF.
In a statement, the YouHodler’s Chief Risk Officer Sergei Gorev demonstrated his interest in the possibility of an Ether ETF, and he suggested that the effect of an Ether ETF might not be as big as that of the Bitcoin. Among the crucial elements that could have an influence on the ETF is the fact that the Ethereum coin already has many contributors while these have yet to be sold. The coin staking issue should also be addressed. On the other hand, the summer holiday period during which the ETF might be launched will experimentally show that investors are on holiday and hence the market won’t be as dynamic. Still, Ethereum has such pluses as being a deflationary coin and not feeling the heat from miner sellers like Bitcoin does.
“On the other hand, ETH is a typical deflationary coin since there is only a decreasing amount of it that is being produced in time. In addition, ETH has no pressure from miner sellers, who are always present in BTC trading,” Gorev wrote.
