Ethereum products hit $7.8 billion in year-to-date inflows, surpassing 2024 total: CoinShares

Crypto investment products issued by fund managers like BlackRock, Grayscale, and Fidelity attracted $1.9 billion last week, extending a 15‑week streak of net inflows and pushing month‑to‑date subscriptions to a record $11.2 billion, CoinShares said in its latest weekly report. The July tally surpasses the prior monthly peak of $7.6 billion, set in December 2024, following the U.S. election.

Ethereum dominated for a second straight week, pulling in $1.59 billion for its second‑largest weekly inflow on record, and lifting year‑to‑date ETH inflows to $7.79 billion, already above the full‑year 2024 total. 

Conversely, bitcoin‑linked products saw $175 million of outflows, a striking divergence from headline crypto prices. But BTC funds still lead monthly and YTD flows, according to CoinShares.

Weekly crypto asset fund flows. Images: CoinShares

Altcoin product flows were narrow rather than broad‑based. Solana and XRP pulled in $311 million and $189 million, respectively, while Sui attracted $8 million. Activity tailed off beyond major altcoins, and some funds saw net redemptions, including Litecoin and Bitcoin Cash.

The continued rotation into ETH and a handful of large-cap altcoins follows multiple record-setting weeks for crypto investment vehicles and turnover in July, with James Butterfill, Coinshares' head of research, flagging that sentiment remains constructive even as investors pared their exposure to bitcoin products.

He added that the composition of flows — concentrated by asset and by region — suggests that investors are positioning tactically ahead of ETF catalysts rather than chasing a broad rally.

Flows were heavily concentrated regionally, with $2 billion in the United States and an additional $70 million in Germany. Outflows from Hong Kong ($160 million), Canada ($84 million), and Brazil ($23 million) partially offset U.S. demand.

Butterfill said the pattern likely reflects optimism around potential U.S. ETF launches for select assets rather than the start of a generalized altcoin season. “These altcoin inflows may be driven less by broad-based enthusiasm and more by anticipation surrounding potential U.S. ETF launches,” he stated.

There has indeed been a flurry of ETF applications for Solana and XRP, with multiple prominent asset managers filing and the SEC actively engaging with these proposals. Bloomberg ETF analysts Eric Balchunas and James Seyffart said a bevy of spot altcoin ETFs have a 90% approval chance, including funds tied to XRP, SOL, and LTC.

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