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 -2.74% Bitcoin / USD BTCUSD $ 37,860.57
-$1,037.38-2.74% Volume 37.3 b Change -$1,037.38 Open $37,860.57 Circulating 18.74 m Market Cap 709.41 b 11 h 2.3 Million UK Adults Now Hold Crypto Assets, 10.5% More than Last Year: FCA Report 12 h China’s State Media Promotes Bitcoin Miners Going Green in Country & Points to Wasted Energy 13 h SEC Delays VanEck Bitcoin ETF Decision Again, Another 45 Day Wait Period

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Amidst this, ETH balance on exchanges continues to drop, with a total of 4.54 million ETH withdrawn from centralized exchanges in 2021 so far.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 -3.61% Cardano / USD ADAUSD $ 1.47
-$0.05-3.61% Volume 1.74 b Change -$0.05 Open $1.47 Circulating 31.95 b Market Cap 47.07 b 2 d Polkadot's DOT To Debut On Coinbase Pro Trading Platform Tomorrow 6 d Largest Korean Exchange Upbit Goes on a Delisting Spree Ahead of New Regulation 1 w Early Turn in Sentiment Seen as Crypto Asset Investment Products Record Inflows LTC -3.44% Litecoin / USD LTCUSD $ 165.34
-$5.69-3.44% Volume 1.97 b Change -$5.69 Open $165.34 Circulating 66.75 m Market Cap 11.04 b 11 h 2.3 Million UK Adults Now Hold Crypto Assets, 10.5% More than Last Year: FCA Report 1 w Flare Network Raises $11 Million in Funding to Bring Smart Contracts to All Blockchains 1 w PayPal Crypto Volume Trending Back Up After the Record Daily Volume of Over $300 Mln

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.