Crypto Inflows Surge to $1.3B as Ethereum Overtakes Bitcoin

Digital asset investment products saw a significant influx of $1.3 billion last week, marking the fifth consecutive week of inflows, according to the latest weekly report from CoinShares. This brings the year-to-date inflows to $7.3 billion.

The recent price drop in the cryptocurrency market has led to a decrease in the total assets under management of exchange-traded products (ETPs) from a record high of $181 billion at the end of January to $163 billion. However, trading volume remained stable at $20 billion this week.

Bitcoin saw inflows of $407 million, with global ETPs currently representing 7.1% of the total market capitalization. Ethereum took the spotlight this week, with its price recently dropping to nearly $2,100, triggering a significant amount of buying on the dip. Inflows reached $793 million, surpassing Bitcoin for the first time this year.

Other notable inflows include XRP and Solana, with $21 million and $11 million respectively. Blockchain stocks also saw inflows of $33 million, bringing the year-to-date inflows to $194 million.