Ethereum crypto investment product inflows reached $120 million over the past week (up to July 15). The last time this happened was in June 2021, according to digital asset management firm Coinshares.
Digital investment products exposed to ETH assets have seen inflows for four consecutive weeks. ETH investment products had experienced 11 weeks of outflows before this week.
This week’s data from Coinshares showed that Bitcoin (BTC) accounted for these funds with an inflow of $19 million, pushing year-to-date investments to $241.3 million.
Ether investment products saw inflows of $8.1 million this week, up from $120 million last week, making it the largest weekly inflow since June 2021.
“It also suggests that as The Merge progresses to completion, investor confidence is slowly recovering,” the report said.
Solana (SOL) also reached $1.8 million in investment, making Solana the ninth largest crypto investment product with $116 million in assets under management.
Coinshares added that most other altcoins saw inflows last week, most notably Cardano, which saw an influx of $600,000.
These statistics showed that July-to-date inflows reached $394 million, with total assets under management (AuM) recovering to $30 billion in early June 2022.
Bitcoin has fallen 2.98% over the past seven days to hit $21,087 during intraday trading, according to CoinMarketCap. Over the past 24 hours, the second-largest cryptocurrency has lost 6.59% to trade at $1,417 during the session.
Image source: Shutterstock