The launch of spot Ether ETFs in the U.S. has triggered a significant $2.2 billion inflow, the largest since December 2022, with a 542% increase in ETH exchange-traded products, as reported by CoinShares.
Despite this, Grayscale’s Ethereum trust saw $285 million in net outflows.
Bitcoin also attracted $3.6 billion in inflows over the past month, reaching a year-to-date total of $19 billion, driven by U.S. election speculation and expectations of a Federal Reserve rate cut.
The digital asset market is growing, with assets under management hitting $99.1 billion and year-to-date inflows for 2024 reaching a record $20.5 billion.
Trading volumes peaked in May in anticipation of Ether ETFs, with $14.8 billion in inflows during the week of July 22.
Grayscale’s Ethereum Trust ETF experienced over $1.5 billion in outflows by July 26, while its Ethereum Mini Trust ETH saw a net inflow of $44.9 million on the same day.
An Ethereum whale has recently caused a stir by offloading a substantial portion of its holdings, selling over $24 million worth of ETH in the past three days amid significant market pressure.
XRP has been trading within an ascending triangle pattern, signaling a potential significant breakout.
Recent on-chain data for Dogecoin (DOGE) reveals a surge in activity, indicating a growing optimism among cryptocurrency investors towards the popular meme coin.
Commerzbank, one of Germany’s largest financial institutions, is making a significant move into cryptocurrency by offering Bitcoin and Ethereum trading services to its corporate clients.