Blockchain analytics platform Coinshares reported that the launch of the spot Ethereum ETF last week attracted $2.2 billion in inflows. This influx represents the highest weekly inflows observed in the crypto market since December 2020. However, incumbent selling in existing products, such as Grayscale's ETHE, diminished the overall positive impact of these inflows.
Despite this promising start, the selling pressure on existing products highlights the complexities and competitive dynamics within the cryptocurrency market. Investors should be cautious and consider these factors when making investment decisions.
The report was published by Coinshares and highlights the significant interest and investment in Ethereum, reflecting the growing acceptance and integration of cryptocurrencies into mainstream finance markets.