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Home News Crypto

Bitcoin Surges with $2Bn Inflows, Ether Eyes $10K

by Team Lumida
June 10, 2024
in Crypto, Digital Assets
Reading Time: 3 mins read
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Key Takeaways:

  1. Bitcoin led with $1.97 billion inflows; Ether hit $70 million.
  2. ETH expected to reach $10,000 in 2024, a 200% increase.
  3. SEC approval fuels ETH ETF inflows, boosting overall crypto market.

What Happened?

Bitcoin and Ether experienced significant investment inflows last week. Bitcoin attracted over $1.97 billion, while Ether saw nearly $70 million, marking its best week since March. Total crypto investment inflows reached $2 billion, extending a five-week run to over $4.3 billion, according to CoinShares.

Trading volumes in exchange-traded products (ETPs) surged to $12.8 billion, a 55% increase from the previous week. Notably, BlackRock’s IBIT became the largest bitcoin ETF, amassing over $20 billion since its January issuance.

Why It Matters?

These inflows signify heightened institutional interest and confidence in cryptocurrencies. CoinShares analyst James Butterfill noted, “Unusually, inflows were seen across almost all providers,” highlighting broad-based investor enthusiasm. The influx has pushed total assets under management (AuM) above $100 billion for the first time since March.

The SEC’s decision to allow spot Ether ETFs has particularly bolstered ETH inflows, suggesting regulatory approval can significantly impact market dynamics. Ed Hindi, Chief Investment Officer at Tyr Capital, stated, “A price target of $10,000 in 2024 is now a reasonable target,” emphasizing ETH’s potential for substantial gains.

What’s Next?

Expect continued inflows into Ether products, driven by regulatory approvals and growing institutional interest. Traders predict $5-10 billion in fresh capital could flow into ETH products, potentially fueling an end-of-year rally. Monitor developments in ETH ETFs and their listing on major exchanges like Nasdaq and NYSE Arca.

The crypto market’s performance will likely hinge on further regulatory milestones and macroeconomic factors. As ETH approaches deflationary status, its scarcity could drive prices higher, aligning with predictions of a $10,000 target in 2024. Stay vigilant for shifts in trading volumes and investor sentiment as these trends unfold.

Source: Coin Desk
Tags: BitcoinEthereumInstitutional Investment
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© 2025 Lumida Wealth Management LLC is an SEC registered investment adviser. Privacy Policy. Cookies Policy.
Disclaimer Important Information This site is for informational purposes only. Information presented on this site does not constitute as investment advice.

Lumida Wealth Management LLC (‘Lumida”) is an SEC registered investment adviser. SEC registration does not constitute an endorsement of the firm by the Commission nor does it indicate that the adviser has attained a particular level of skill or ability.

Lumida's website (referred to herein as the "Website") is limited to the dissemination of general information pertaining to its advisory services, together with access to additional investment-related information, publications, and links. Accordingly, the publication of the Website on the Internet should not be construed by any client and/or prospective client Lumida’s solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment advice for compensation, over the Internet.

Any subsequent, direct communication by Lumida with a prospective client will be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides.

‍Lead Capture Forms: By submitting your contact information in the forms on this site, you are not obligated to invest in Lumida's product or services.
‍Address: Lumida Wealth Management, 25 W 39th Street Suite 700, New York, NY 10018