Positive Momentum for Ethereum Continues with Another $60 Million in Inflows: CoinShares Report

Crypto asset investment products saw a resurgence of demand last week with inflows of $373 million, as per the data provided by CoinShares.

While continuous outflows were seen in some of both the Bitcoin and Ethereum’s individual products, reflecting profit-taking behavior was only a negligible 0.27% and 0.1% of total assets under management. BTC -4.74% Bitcoin / USD BTCUSD $ 41,448.66
-$1,964.67-4.74% Volume 31.99 b Change -$1,964.67 Open $41,448.66 Circulating 18.83 m Market Cap 780.42 b 17 min Miami Mayor Luring Crypto Miners With “Very Inexpensive” Nuclear Power 1 h 32% of El Salvador Population Actively Using Bitcoin Wallet, Lightning Network Capacity Surpasses 2,900 BTC 1 h China Ban: TradingView & Data Sites Inaccessible, Alibaba Stops Miners & Crypto Sales, “Complete Shutdown” for SparkPool Users

The positive momentum for Ethereum kept on last week as well, with $60 million in inflows bringing the total assets under management to a new record of $16.5 billion.

“Institutional demand for ETH exposure is certainly growing. The open interest is growing rapidly for CME's ETH futures and is now above $500 million,” noted Arcane Research.

Amidst this, ETH balance on exchanges continues to drop, with a total of 4.54 million ETH withdrawn from centralized exchanges in 2021 so far. While 4.71% of the circulating supply is getting out of exchanges, another 8.74% of the circulating supply of Ethereum is currently locked in DeFi Protocols, and more than 4% is locked in ETH 2.0 deposit contract.

Bitcoin, which achieved Ether’s current AUM level in December 2020, still accounts for the lion’s share of the inflows at $290 million last week.

Source: CoinShares Report

New investment product entrants Cardano (ADA) and Litecoin (LTC) got off to a good start with inflows of $6.6 million and $3.6 million, respectively. This brings total assets under management to $10.8 million for Cardano and $12.5 million for Litecoin. ADA -4.73% Cardano / USD ADAUSD $ 2.10
-$0.10-4.73% Volume 2.82 b Change -$0.10 Open $2.10 Circulating 32.04 b Market Cap 67.16 b 1 d South Korea’s Largest Crypto Exchange Operator Raises $85 Million at an $8.65 Billion Valuation 4 d IOHK to Launch a dApp Marketplace and Fractional NFTs on Cardano (ADA) Blockchain 1 w JPMorgan says Ether Is Overvalued at Current Prices and DeFi’s Institutional Adoption Is Above 60% LTC -4.49% Litecoin / USD LTCUSD $ 144.47
-$6.49-4.49% Volume 2.71 b Change -$6.49 Open $144.47 Circulating 66.75 m Market Cap 9.64 b 1 h China Ban: TradingView & Data Sites Inaccessible, Alibaba Stops Miners & Crypto Sales, “Complete Shutdown” for SparkPool Users 5 d Lloyds to Auction off Vehicles from Mad Max FURY Road Film, Crypto Accepted 5 d AMC Theaters CEO Is Considering Adding Payment Support for DOGE By Year-End

Exchange trading volumes for Bitcoin (BTC) averaged $10.5 million last week, with Bitcoin investment products higher than recent weeks with total trading volumes of $6.1 billion.

Grayscale remains the world’s largest digital asset manager with $50.83 billion in AUM, followed by CoinShares, with just over $6 billion in assets.