Ether Funds See Largest Inflows in Months, Buoyed by ETF Approvals

Ether (ETH) investment products saw a surge in inflows last week, reaching the highest level in months, according to digital asset manager CoinShares International. This positive trend is likely attributed to the recent approval of the first Ether exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC).

CoinShares reported that Ether investment products attracted $69 million in inflows during the week ending June 7th, marking the largest inflow since March. This surge comes after the SEC approved several spot Ether ETF applications, potentially boosting investor confidence in the second-largest cryptocurrency.

Ether and Bitcoin Investment Inflows Surge

Meanwhile, Bitcoin (BTC) investment products also saw significant inflows last week, totaling $1.97 billion, bringing the total year-to-date inflows to $16.7 billion. This coincides with Bitcoin's strong performance this year, with the cryptocurrency rising by approximately 65% since the start of the year.

While Bitcoin funds continue to dominate crypto fund flows this year, the recent inflows into Ether products highlight the growing interest in the Ethereum network and its potential for future growth. This trend is likely to continue as the cryptocurrency industry matures and more institutional investors seek exposure to the digital asset space.

Short-Bitcoin products, however, experienced outflows for the third consecutive week, totaling $5.3 million.

Cryptocurrency markets remained relatively flat on Monday afternoon as investors await key inflation data and the Federal Reserve's meeting later in the week. Bitcoin ticked up slightly by 0.1% to $69.7K, while Ether slipped 0.5% to $3.68K.