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Ethereum Surpasses Solana’s Total 2024 Inflows

As the ETF approval draws closer, Ethereum has seen its total 2024 inflows surpass that of Solana, reaching $103 million.

Ethereum experienced substantial inflows last week, surpassing Solana’s inflows for 2024 thus far, according to the Digital Assets funds flow report from CoinShares. Inflows of $45 million were observed in Ethereum investment products over the past week. Due to this transaction, Ethereum’s year-to-date inflows have reached an astonishing $103 million. Conversely, Solana investment products experienced $9.6 million in inflows over the past week, bringing the total to $71 million.

These substantial inflows into ETH are anticipated to occur in anticipation of the Ethereum ETF’s anticipated launch on Tuesday, July 23. Market analysts expect a significant increase in Ethereum following the approval of the ETF. This phenomenon was observed following the approval of spot Bitcoin ETFs in January of this year.

Ethereum (ETH) is currently trading at $3,500, with a market capitalization of $420 million. The daily trading volume has increased by over 76%, exceeding $17 billion as of press time. Nevertheless, Ethereum has encountered substantial resistance in the form of $3,500.

The average ETH acquisition cost is $3,547, and an astounding 3.13 million addresses have established a significant sell wall, according to the on-chain data from IntoTheBlock. These addresses are currently retaining their ETH at a loss, which is exacerbating the selling pressure and hindering Ethereum’s capacity to surpass this critical resistance point.

Therefore, it will be intriguing to observe whether the approval of the spot Ethereum ETF generates sufficient bullish momentum to overcome the sell wall and establish Ethereum on a trajectory for a further upswing.

Inflows of $1.27 billion are recorded in Bitcoin products

Inflows of $1.27 billion were observed in Bitcoin investment products over the past week. This was due to the substantial inflows into spot Bitcoin ETFs in the United States last week. Additionally, the short-Bitcoin ETPs experienced an additional $1.9 million in outflows last week.

Last week, there was a significant increase in purchasing digital asset investment products, with a total of $1.35 billion in inflows. This resulted in $3.2 billion in inflows over three weeks. The trading volumes of exchange-traded products (ETPs) also experienced a substantial increase, increasing by 45% week-on-week to $12.9 billion. Nevertheless, this still accounts for a lower-than-average 22% of the broader crypto market volumes.

The inflow scenario needed to be more consistent across regions. The United States and Switzerland experienced substantial inflows of $1.3 billion and $66 million, respectively. In contrast, Brazil and Hong Kong experienced minimal outflows, totaling $5.2 million and $1.9 million, respectively.

Edwin Aboyi

Edwin Aboyi is a product designer, writer, and illustrator with a degree in Biological Sciences from the University of Abuja. Passionate about merging technology with creativity, Edwin contributes to Protechbro.com by offering fresh perspectives on AI, Web3, and blockchain

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