Ethereum records $1B in Inflows in a single week

Ethereum (CRYPTO:ETH) has continued its impressive streak of inflows, with $1 billion accumulated in just one week.

This marks the seventh consecutive week of positive inflows, bringing the total to $3.7 billion during this period.

The latest data, as reported in CoinShares’ Digital Asset Fund Flows Weekly Report, highlights a broader surge in the digital asset market, with overall inflows reaching $3.2 billion last week.

This marks the 10th consecutive week of growth for digital assets.

The total amount of digital asset inflows for 2024 has now reached $44.5 billion, a figure more than four times higher than in previous years.

Ethereum’s performance has contributed significantly to this growth.

The cryptocurrency's seven-week streak showcases an improving sentiment from investors, which is further evident in the overall market’s upward trajectory.

On the other hand, Bitcoin (CRYPTO:BTC) remains the dominant asset in the market, contributing $2 billion of the weekly inflows.

The surge in Bitcoin’s price has also led to interest in short Bitcoin products, which saw $14.6 million in gains.

Other cryptocurrencies are also experiencing growth.

XRP (CRYPTO:XRP) saw $145 million in inflows, driven in part by hopes for a US-listed ETF.

Litecoin (CRYPTO:LTC), Cardano (CRYPTO:ADA), and Solana (CRYPTO:SOL) also saw substantial inflows, with $2.2 million, $1.9 million, and $1.7 million respectively.

Despite the strong performance of individual assets, multi-asset products faced outflows, losing $31 million.

Geographically, the US led the way with $3.14 billion in inflows, followed by Switzerland and Germany with $35.6 million and $32.9 million, respectively.

Brazil also saw notable inflows at $24.7 million.

However, Sweden recorded $19 million in outflows.

Overall, the data reflects growing confidence in digital assets, as the market shows strong momentum toward the end of 2024.

At the time of reporting, the price of Ethereum (ETH) was $3,969.56.