Following the recent price spike that brought Ethereum (ETH) close to the $4,000 mark, the second-largest cryptocurrency has experienced inflows and renewed market enthusiasm. This comes in response to the US Securities and Exchange Commission’s (SEC) approval of Ethereum ETF applications by major asset managers.
Best Week For Ethereum Since March
According to a report by CoinShares, digital asset investment products have witnessed a total of $2 billion inflows, contributing to a five-week consecutive run of inflows amounting to $4.3 billion.
Additionally, trading volumes in exchange-traded products (ETPs) have risen to $12.8 billion for the week, a 55% increase from the previous week.
Notably, inflows have been observed across various providers, indicating a turnaround in sentiment. Incumbent providers have also experienced a slowdown in outflows, reinforcing the positive market sentiment.
