Ethereum witnessed its strongest week in terms of capital inflow since March, with total inflows amounting to $69 million over the past week, as per the latest stats by CoinShares. The latest influx can be attributed to the surprise decision by the US Securities and Exchange to allow spot Ether ETFs.The improvement in investment products based on Ethereum had a significant impact on other digital asset products, attracting a staggering $2 billion.
Altcoins also saw a minor uptick in activity. Investment products based on Solana, Litecoin, and Chainlink witnessed $0.7 million in weekly inflows each. Meanwhile, XRP and Fantom stood out with inflows of $1.4 million and $1.2 million over the past week. Trading volumes in exchange-traded products soared to almost $13 billion for the week, representing a 55% increase from the previous week. According to the latest edition of CoinShares’ Digital Asset Fund Flows WeeklyThis turnaround in sentiment is believed to be a direct response to weaker-than-expected macroeconomic data in the United States, which has brought forward expectations for monetary policy rate cuts.
Hong Kong, Canada, and Switzerland followed suit with inflows of $26.1 million, $12.7 million, and $10.6 million, respectively, whereas Brazil, Germany, and Australia settled with $9.5 million, $2.5 million, and $1.7 million in inflows, respectively. Sweden, on the other hand, recorded a weekly outflow of $9.2 million.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
Coin Coin Latest News, Coin Coin Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: Utoday_en - 🏆 295. / 63 Read more »
Source: Utoday_en - 🏆 295. / 63 Read more »
Source: Utoday_en - 🏆 295. / 63 Read more »
Source: Utoday_en - 🏆 295. / 63 Read more »
Source: Utoday_en - 🏆 295. / 63 Read more »
Source: Crypto_Potato - 🏆 568. / 51 Read more »