Ethereum ETF approvals by the U.S. SEC have significantly improved investor sentiment around the crypto market’s second-largest asset. This has led to a two-month high in net inflows.

Ethereum (ETH) investment products saw $36 million in inflows last week, marking the first positive inflow since March, according to a CoinShares report dated May 28. The rise in net inflows follows the U.S. Securities and Exchange Commission (SEC) approving 19b-4 forms. This approval signals a green light for proposed rule changes, allowing national exchanges to list spot ETH ETFs.

The approval news led to a 30% increase in Ethereum’s price over the week, pushing its market cap to $450 billion and nearing $4,000 per token. This surge marked a positive sentiment shift after 10 weeks of bearish activity.

CoinShares analysts noted the surge was likely an early reaction to the approval news, but the continuation of the price uptrend remains uncertain with actual spot ETH ETF trading still weeks away.

ETH vehicle inflows coincided with a three-week streak for digital asset investment products. Last week, investors poured $1.05 billion in net capital across various crypto-based funds.

While Ethereum garnered significant attention, most investments flowed into U.S. Bitcoin (BTC) ETFs. The region saw $1.03 billion of the weekly inflows, with BlackRock’s iShares ETF accounting for $719 million.

Improved investor demand for these crypto investment channels has pushed cumulative year-to-date flows to a new record high of $14.9 billion.

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