The post Crypto investors splurge $3.2b in 3 weeks appeared on BitcoinEthereumNews.com.

CoinShares noted that crypto investors have piled $3.2 billion into digital asset investment products in the last three weeks, indicating bullish sentiment.  Crypto investors continued a three-week streak of positive flows, deploying $1.35 billion last week. Most of the capital streamed into ETFs, with crypto-backed funds recording a 45% increase in week-on-week volume.  Bitcoin (BTC) products, particularly in the U.S., took the lead and took in $1.24 billion between July 15 and July 19. Spot Bitcoin ETFs on Wall Street clinched net inflows for 11 consecutive days before last week’s surge. The products from issuers like BlackRock and Grayscale hold over $60 billion in assets and $17 billion in cumulative net inflows since January, according to data provider SoSoValue. Ethereum finding favor from crypto investors Ethereum (ETH) usurped altcoin rival Solana (SOL) for the most inflows year-to-date (YTD). Following last week’s $45 million influx, ETH products have received $103 million YTD compared to SOL’s $71 million.  Increased demand for Ethereum-based products comes when investors and issuers alike expect the U.S. Securities and Exchange Commission to approve spot ETH ETFs this week. Ahead of the SEC’s final go-ahead, the NYSE Arca already certified its acceptance to list and trade spot Ethereum ETF shares from Bitwise and Grayscale.  Ethereum has been viewed as the next cryptocurrency to assume the institutional ETF wrapper after Bitcoin, a development that many expect to pave the way for more digital asset ETFs. Issuers like VanEck have taken the initiative to file for a spot Solana ETF. The SOL ETF bids have not submitted staking language so far, similar to how staking was removed from spot Ether ETF applications. However, SEC commissioner Hester Peirce said the agency may consider allowing staking in crypto ETFs. ETFStore president Nate Geraci also predicted that combined ETFs featuring Bitcoin, Ethereum, and Solana will likely…

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Filed under: News - @ July 23, 2024 10:18 pm