Ethereum Leads Crypto ETP Inflows as July Sees First Net Gain Since April
A recent report by 21Shares has revealed that global cryptocurrency exchange-traded products (ETPs) saw a net inflow of $600 million in July, marking the first net inflow since April. The data shows that Ethereum-based products led the charge with an inflow of $350 million, more than twice the $176 million seen for Bitcoin-based products.
In contrast to May and June, which saw significant outflows of $2.5 billion and $4.4 billion respectively, July's net inflows are a welcome respite. Ethereum's strong performance in terms of inflows is notable, despite its lower trading volume compared to Bitcoin.
The report notes that while Ethereum-based products led the way in terms of inflows, Bitcoin remains the dominant player in terms of trading volume, accounting for 78.5% of all trades, followed by Ethereum at 11.1%, and other assets at 9.1%. Solana's share was a mere 1.3%.