Ethereum Rides High with Largest Inflows Since 2022, Attracting Smart Money

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Ethereum is experiencing a resurgence in investor interest, with the largest inflows since August 2022. According to the Coinshares Digital Asset Fund Flows Weekly Report, positive sentiment continues to drive investment, marking the 6th consecutive week of inflows, with a total of $261 million pouring into the market.

These inflows are part of a broader trend, with digital asset investment products attracting a total of $767 million in the last six weeks, surpassing the entire inflow of $736 million seen in 2022. Bitcoin took the lion’s share of these investments, with a substantial $229 million flowing into the cryptocurrency, bringing the year-to-date inflows to $842 million. 


This surge in Bitcoin investments may be fueled by the growing likelihood of a spot-based ETF in the United States and concerns over the efficacy of US monetary policy, given weaker macroeconomic data.

Ethereum’s Comeback Story

Ethereum, which had seen a challenging year marked by outflows totaling $107 million, saw a significant turnaround with inflows totaling $17.5 million, the most substantial since August 2022. This shift in investor sentiment suggests renewed interest in the second-largest cryptocurrency.

US investors increasingly participate in the digital asset space, contributing to the largest share of inflows from any region, totaling $157 million. Meanwhile, Germany, Switzerland, and Canada continued to witness notable inflows of $63 million, $36 million, and $9 million, respectively.


The altcoin market also witnessed positive movements, with other cryptocurrencies like Solana receiving $11 million in inflows and Chainlink capturing $2 million, representing 17% of total assets under management. Even lesser-known cryptocurrencies like Polygon and Cardano attracted inflows of $0.8 million and $0.5 million, respectively.

Interestingly, Ethereum’s appeal extends beyond just inflows, as there is evidence of a spike in the holdings of large wallet investors. The supply of Ethereum held by these large addresses has been steadily increasing from May to November 2023. 

This data, derived from crypto intelligence tracker Santiment, aligns with a notable surge in Ethereum’s price and the token’s supply held by substantial wallet investors on the network. These developments indicate a growing interest in Ethereum, both among retail and institutional investors, as the digital asset market continues to evolve.

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