According to a recent update by European alternative asset manager CoinShares, digital asset investment funds that are based on such cryptocurrencies as Bitcoin, Ethereum, Solana, Litecoin, XRP, and Cardano have experienced a fresh wave of inflows.
Bitcoin, of course, led the way with $148 million worth of inflow in just a week. Ethereum has expanded its bullish streak with the second consecutive week of gains. The second-largest cryptocurrency attracted an impressive $33 million worth of inflows over the seven-day period.
The flagship altcoin is benefiting from renewed investor enthusiasm following the shocking approval of several spot Ethereum ETFs that caught a slew of analysts off-guard last month. As reported by U.Today, VanEck CEO Jan van Eck suggested that the SEC's U-turn could be possibly explained by strong bipartisan support for crypto in Congress.
Tomiwabold OlajideSolana comes in third place with $5.8 worth of inflows. It is followed by Chainlink funds, which have managed to attract a mere $1 million worth of inflows.
Other funds that are based on such cryptocurrencies as Solana and Cardano managed to record only negligible sums.
When it comes down to geographical breakout, the United States, Switzerland, and Canada are in the lead by total inflows. Hong Kong, for comparison, has seen only negligible sums after its ETFs underperformed.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team