Cryptocurrency investment products saw another week of strong inflows, largely driven by Ether exchange-traded products (ETPs).
Global crypto ETPs posted $3.75 billion of inflows during the trading week ending Friday, European crypto asset manager CoinShares reported on Monday.
The inflows came amid strong bullish momentum for Ether (ETH), with prices nearing all-time high levels above $4,700 on Thursday, according to CoinGecko data.
After four days of inflows, however, investor sentiment shifted to red, with both Bitcoin (BTC) and Ether funds seeing outflows on Friday, according to SoSoValue.
Bitcoin ETPs see modest inflows despite ATH above $124,000
Despite Bitcoin surging above $124,000 on Wednesday, BTC failed to drive massive ETP gains last week, with inflows totaling $552 million, or about 15% of total weekly inflows.
Ether topped last week’s gains with inflows totaling $2.9 billion,marking growing investor appetite for the altcoin ETP.
Crypto ETP flows by asset as of Friday (in millions of US dollars). Source: CoinShares
Solana (SOL) and XRP (XRP) saw inflows of $176.5 million and $125.9 million, respectively. Litecoin (LTC) and Toncoin (TON) saw outflows of $0.4 million and $1 million, respectively.
Highest trading volume week ever
According to Bloomberg ETF analyst Eric Balchunas, last week marked the highest trading volume week ever seen by spot crypto exchange-traded funds (ETFs).
After just four trading days last week, spot Bitcoin and Ether ETFs reached $40 billion in trading volume, largely driven by “Ether ETFs stepping up big,” Balchunas wrote on X on Friday.
“ETHSANITY: Ether ETFs weekly volume was about $17 billion, blowing away record, man did it wake up in July,” he said.
Source: Eric Balchunas
NovaDius president Nate Geraci also took to X to highlight the trading volume records, observing that spot Ether ETFs “absolutely obliterated previous weekly trading volume record.”
“Wonder if there are any ‘no demand’ naysayers still out there,” he added.
Magazine: Coinbase calls for ‘full-scale’ alt season, Ether eyes $6K: Hodler’s Digest, Aug. 10 – 16
