Ethereum Inflows Hit $36M After SEC Approval

Based on a CoinShares analysis on May 28, Ethereum (ETH) investment products registered $36 million in inflows last week, the first time since March. The rise in net inflows results from the approval of 19b-4 forms by the U.S. Securities and Exchange Commission (SEC), therefore approving suggested rule modifications allowing national exchanges to list spot ETH ETFs.

The acceptance news caused Ethereum’s price to rise by 30% throughout the week, therefore increasing its market capital value to $450 billion and almost approaching $4,000 per token. After ten weeks of bearish action, this shock signaled a hopeful change.

Related: JPMorgan Doubts SEC Approval for Solana ETFs

Although the rise was probably an early response to approval news, Coin Shares experts stated that actual spot ETH ETF trading is still weeks away, and a continuation of the price uptrend is yet unknown.

Ethereum vehicle inflows aligned with a three-week run for digital asset investment products. Investors loaded $1.05 billion in net capital over many crypto-based vehicles last week.

Ethereum certainly grabbed the limelight, but most investments went into U.S. Bitcoin (BTC) ETFs. With mostly BlackRock’s iShares ETF with $719 million, the area saw $1.03 billion of the weekly inflows.

Rising investor interest in various crypto investment channels has resulted in cumulative year-to-date flows to a new record high of $14.9 billion.