CoinShares reports that new Ethereum ETFs in the U.S. have attracted $2.2 billion in investments. This is one of the biggest influxes of money into Ethereum since December 2022. However, this good news is somewhat overshadowed by $285 million in withdrawals from Grayscale’s Ethereum trust.
While Ethereum saw significant investment, Bitcoin also had a strong month, pulling in $3.6 billion. This brings its total for the year to a record $19 billion. The boost in Bitcoin investment is thought to be due to excitement about the U.S. elections and the possibility of Bitcoin becoming a major reserve asset.
The overall digital asset market is growing, with total investments reaching $99.1 billion. In 2024, inflows have hit a record $20.5 billion, and trading volumes peaked in May. Despite a quieter period for digital asset investment products in July, Ethereum ETFs helped push weekly inflows to $14.8 billion.
On July 26, Grayscale’s Ethereum Trust saw withdrawals of over $1.5 billion, with $356 million pulled out in just one day. However, Grayscale’s smaller Ethereum Mini Trust did see some positive movement, with $44.9 million added on the same day.
