CoinShares’ latest report on digital asset investments in the second quarter of 2024 shows a mixed bag. Despite three weeks of cash inflows, total cash flow for digital asset investment products dropped by $30 million last week.
Ethereum faced major outflows, with investment products experiencing a significant cash outflow of $60.7 million in the final week of June. This brought Ethereum’s assets under management to $14.35 billion, impacting its bullish outlook.
On a positive note, Bitcoin’s investment products saw a cash inflow of $10 million, increasing its AUM to $67.57 billion. Solana and Litecoin also reported modest inflows, indicating positive momentum for these assets.
In terms of geographic insights, the United States led in cash inflows with $43 million, followed by Brazil and Australia with $7.6 million and $3 million, respectively, showing strong regional interest in digital assets.
Despite recent cash outflows, the upcoming introduction of spot Ethereum ETFs in the US is expected to bring a wave of bullish sentiment. With billions of dollars set to enter the Ethereum ecosystem, the altcoin is primed for a potential parabolic phase.
The gradual global adoption of Web3 protocols and digital assets has boosted overall crypto liquidity, suggesting a looming rebound. July has historically been a bullish month for the crypto industry, reinforcing a positive outlook for the upcoming weeks.
The question remains: Will Ethereum overcome its recent outflows and capitalize on the upcoming ETF hype? Exciting times are ahead!