Ethereum Leads with $155M Weekly Inflow Amid Market Recovery
Ethereum, one of the leading digital assets, has seen a remarkable $155 million inflow in just the last week, marking the highest inflow for the year. This surge has propelled Ethereum's total inflows this year to an impressive $862 million, the highest since 2021. The recent launch of U.S. spot-based ETFs has significantly contributed to this influx, reflecting an increased interest among institutional investors in Ethereum.
In comparison, Bitcoin experienced a more modest inflow of $13 million. Notably, there has been a significant outflow of $16 million from Bitcoin short ETPs since May 2023. This outflow represents 23% of the assets under management (AuM) for these short positions, reducing the AuM to its lowest level since the year began. This trend suggests a notable exit from short positions in Bitcoin, hinting at a possible shift in the market's sentiment toward a more positive outlook for the cryptocurrency.
Franklin Templeton's Tokenized Fund on Ethereum
In another significant move, Franklin Templeton has launched a tokenized fund on the Arbitrum and Ethereum ecosystems. The fund, known as the OnChain U.S. Government Money Fund (FOBXX), is now available on the Ethereum blockchain. This development marks a significant step towards integrating traditional financial products with blockchain technology, showcasing the growing acceptance of decentralized finance (DeFi) systems by established financial institutions.
Institutional Interest Shifts to Ethereum ETFs
Recent findings indicate a shift in institutional investors' interest from Bitcoin ETFs to Ethereum ETFs. This shift implies that while Ethereum ETFs are gaining more institutional interest, Bitcoin remains a favorite in the retail investment space, maintaining its position as the leading cryptocurrency.
Currently, Ether (ETH) is trading at approximately $2,649.41, reflecting an increase of 3.10% over the past 24 hours and 4.83% over the last week.
This article aims to provide information and should not be considered as investment advice. It is essential for readers to conduct their own research and consult with financial advisors before making any investment decisions. Please note that the information presented may become outdated.
