CoinShares: The Ethereum market is about to reverse the trend

Specialists of the research agency CoinShares note that against the backdrop of an outflow of capital from Bitcoin funds, the inflow of money into Ethereum has been growing for the third week now.

The CoinShares report states that the crypto market has seen an influx of $15 million in investments in digital assets over the past week. Total assets under management (AuM) recovered from a year and a half low to $36.2 billion. US exchanges received an influx of $8.2 million , while 76% were short positions. In Canada, the inflow was $7.1 million, and in Switzerland, $1.9 million.

The authors of the report note that Bitcoin experienced a minor capital outflow totaling $1.7 million, while short inflows into BTC amounted to $6.3 million. Bitcoin caused AuM to drop from a peak of $140M to $127M.

Experts note that for the third week in a row, there has been an influx into Ethereum funds. Capital invested in ETH funds totaled $7.6 million last week. The report notes a moderate turnaround in sentiment after 11 straight weeks of outflows, which saw ETH outflows peak at $460 million in 2022. The current improvement in sentiment may be due to the increasing likelihood of Ethereum moving from Proof of Work (PoW) to Proof of Stake (PoS) by the end of this year. –

The report states that multi-asset investment products saw marginal inflows totaling $2.2 million, while the broader altcoin market has so far remained surprisingly dormant this month with minor outflows totaling $0.3 million.

MicroStrategy CEO Michael Saylor recently stated that having a cryptocurrency issuer makes it possible to change the blockchain, so Ethereum cannot be considered a commodity – unlike Bitcoin, which cannot be changed. This means that ether is a security that will be tightly regulated by supervisory authorities in the future.