Key Points
- Ethereum has seen a significant inflow of $2.2 billion this year, surpassing last year’s fund by $2 billion.
- Bitcoin, Solana, and Ripple’s XRP have also witnessed substantial inflows in 2021.
Ethereum, the world’s second-largest cryptocurrency, has witnessed a major financial market inflow this year, totaling $2.2 billion.
A report published by CoinShares on December 2 reveals that Ethereum, alongside Bitcoin, has received a significant inflow this year, marking a new record.
Cryptocurrency Market Inflows
Bitcoin’s inflow reached $34 billion, even as the cryptocurrency aimed for a $100,000 price target in the past fortnight. CoinShares noted in their report that Bitcoin experienced outflows of $457 million, which they believe is due to profit-taking following Bitcoin’s attempt to reach the $100,000 mark.
Multi-asset crypto and Solana also led the next inflow, totaling $441 million and $110 million respectively. Despite both cryptocurrencies experiencing an outflow of $20 million this week, the month-to-date flows have varied, with multi-crypto seeing an outflow of $25.3 million, while Solana recorded an inflow of $40 million.
Other Significant Inflows
Ripple’s XRP also saw substantial inflows, with $95 million this week and $141 million year-to-date. This was largely due to the anticipation surrounding the proposed XRP ETF to the Securities and Exchange Commission (SEC). At the time of reporting, XRP’s price had also increased by 27.38% in a day of trading.
iShares products of BlackRock led the inflows, with iShares Bitcoin Trust ETF recording $405 million, and iShares Ethereum Trust ETF noting $300 million of inflow this week. Bitwise Ethereum Strategy ETF and Fidelity Ethereum Fund also recorded significant inflows, reaching $134 million and $140 million respectively this week.
The United States, Germany, and Hong Kong recorded inflows for this week. Conversely, Switzerland, Sweden, and Canada experienced minor outflows totaling $52 million.