CoinShares: Cryptocurrency investment products saw an inflow of $3.75 billion in one week, with Ethereum ETFs accounting for 70% of the total.

According to CoinShares' latest data, global Crypto Assets investment products attracted a net inflow of $3.75 billion last week (from August 11 to August 17), setting a historical fourth-highest record, pushing assets under management (AUM) to a new high of $244 billion. Among them, Ethereum (ETH) products performed remarkably, with a weekly inflow of $2.87 billion, accounting for 77% of the total, far exceeding Bitcoin (BTC) and other alts products.

Ethereum Leads, Inflows Reach New Highs This Year

CoinShares report shows that the Ethereum fund recorded a net inflow of $2.87 billion last week, setting a new historical record and raising the total inflow for 2024 to $11 billion.

Proportion: Weekly capital inflow accounts for 77% of the total.

Asset growth rate: Year-to-date inflows have reached 29% of its managed assets, far exceeding Bitcoin's 11.6%.

Main driver: The US iShares Ethereum Trust ETF (BlackRock) has become the core product for concentrated capital inflow.

Bitcoin and altcoin capital dynamics

Bitcoin products: Last week's net inflow was $552 million, which is less than ETH, but still maintains positive cash flow.

alts products:

Solana (SOL): Inflow of 176.5 million USD.

Ripple (XRP): Inflow of $125.9 million.

Litecoin (LTC) and Ton: a small outflow of approximately 400,000 USD and 1,000,000 USD respectively.

Capital inflow is highly concentrated in the United States

CoinShares pointed out that last week about 99% ($3.73 billion) of the funds came from the U.S. market, and nearly all were concentrated in a single provider and a single product (BlackRock ETH ETF).

Other regions inflow situation:

Canada: 33.7 million USD

Hong Kong: 20.9 million USD

Australia: 12.1 million USD

Brazil: Outflow of 10.6 million USD

Sweden: Outflow of 49.9 million USD

Crypto Market Price Trends and Technical Analysis

Despite strong capital inflows, the crypto market experienced a pullback on August 18:

Total market value: Dropped to 3.88 trillion USD, a two-week low.

ETH and XRP: 24-hour decline of about 5%, which is twice that of BTC.

BTC: Fell to $115,000, testing the 50-day moving average support since April. If it breaks below $112,000, it may retrace to the range of $105,000-$107,000.

SOL: Reported at $180, once again failing to break through the $210 resistance, need to pay attention to the $170 (50-day moving average) and $160 (200-day moving average) support.

ETF Fund Background and Market Sentiment

BTC ETF: Last week's net inflow was $547.8 million, accumulating to $54.97 billion since its approval in January 2024.

ETH ETF: The US spot ETF saw an inflow of $2.85 billion last week, reaching a new high since mid-July, and has maintained positive inflows for 14 consecutive weeks, totaling $12.67 billion.

Market Signal: CryptoQuant data shows that the amount of stablecoins injected into Binance by institutions and large holders has reached a recent high, which may indicate expectations for a new round of price increase.

Analyst's Perspective

Michael van de Poppe (MN Trading): BTC may decline first and then consolidate sideways, and to return to an uptrend, it needs to break through the resistance at 121,000 USD.

Glassnode: After BTC hits a new high, $127,000 is the key resistance level.

Nebraskangooner: The current trend is similar to when BTC reached its peak of $69,000 in November 2021.

Benjamin Cowen: The annual pattern after the BTC halving indicates that the fourth quarter may be the cycle peak, followed by a bear market.

Conclusion

CoinShares data shows that Ethereum has outperformed in terms of capital inflow, with a significant influx of institutional funds providing strong support for ETH. However, short-term market sentiment is still affected by macroeconomic conditions and technical pressures, and the performance of BTC and major alts at key support levels will determine the next trend. Investors should closely monitor ETF fund dynamics and global policy changes to adjust their strategies flexibly.