• The launch of spot Ether ETFs in the U.S. led to $2.2 billion in inflows despite $285 million in net outflows from Grayscale’s Ethereum Trust.
• Bitcoin has attracted $3.6 billion in inflows over the past month, contributing to a year-to-date total of $19 billion – a historic high.
• Total assets under management in the digital asset market reached $99.1 billion, with record-breaking $20.5 billion in inflows for 2023 so far.
CoinShares has reported that the launch of spot-based Ether ETFs in the United States has resulted in significant inflows for the asset, despite outflows from Grayscale’s trust.
Launch of Ether spot ETFs sees $2.2B inflows
The introduction of spot Ether (ETH) exchange-traded funds (ETFs) has marked one of the largest inflows to the asset since December 2021.
According to CoinShares’ latest report, newly issued spot Ether ETFs racked up $2.2 billion in inflows, alongside a 54% spike in ETH exchange-traded products (ETPs).
Grayscale sees $285M in net outflows
The new inflows milestone was tempered by $285 million in overall net outflows from Grayscale’s $15 billion Ethereum trust.
Bitcoin inflows hit historic high
Alongside ETH developments, Bitcoin (BTC) has attracted $1.36 billion in inflows over the past month, contributing to a year-to-date (YTD) total of $1.19 billion – a historic high.
According to CoinShares analysts, the firm believes the surge is driven by speculation surrounding the upcoming US elections and the potential for BTC to become a strategic reserve asset.
Market trends and statistics
The report reveals that the digital asset market continues to grow, with total assets under management reaching $991 billion.
Total inflows for 2022 have reached a record-breaking $205 billion YTD, as trading volumes across all digital assets rose to an all-time high in May in anticipation of Ether ETFs.
The report highlights that this record was broken the week of July 18, totaling $148 billion, largely fueled by the launch of the Ether ETFs, despite digital asset investment products seeing only $245 million in inflows.
Conclusion
The launch of spot-based Ether ETFs in the US has resulted in significant inflows for Ethereum, offsetting outflows from Grayscale’s trust. Meanwhile, Bitcoin inflows are hitting historic highs, signaling renewed confidence in crypto assets.
