Crypto investment products saw nearly $2 billion in inflows last week, extending a five-week run to over $4.3 billion, according to a report by asset manager CoinShares. Bitcoin led the charge with over $1.97 billion in inflows, while Ether (ETH) had its best week since March, attracting nearly $70 million. Trading volumes in exchange-traded products (ETPs) surged to $12.8 billion, a 55% increase from the previous week.
Positive price action pushed total assets under management (AuM) above the $100 billion mark for the first time since March. CoinShares analyst James Butterfill noted inflows across nearly all providers, indicating a slowdown in outflows from incumbents. The SEC’s approval of spot Ether ETFs has contributed to ETH’s inflows, with expectations of continued buying activity. Ed Hindi, Chief Investment Officer at Tyr Capital, anticipates $5-10 billion of fresh capital could be channeled through Ether products in the short to medium term, potentially fueling a rally to new record highs. Hindi sees a price target of $10,000 for ETH in 2024 as reasonable, citing its deflationary nature and other supportive factors.