US ‘Crypto Week’ leads to record inflows and trading volumes for Ethereum ETFs

Amid the promotion of key cryptocurrency legislation approved by US President Donald Trump, American exchange-traded funds (ETFs) on Ethereum showed record inflows and trading volumes, Bloomberg reports.

After a weak start to the year, investors poured $727 million into nine ETFs on Wednesday. The funds also recorded $2.6 billion in trading volume amid rising Ethereum prices. Open interest in the coin on CME Group reached a new high as well, signaling growing institutional demand for the second-largest cryptocurrency.

On Wednesday, Republicans in the US Congress lifted a two-day blockade on bills supported by the crypto industry. This paved the way for a House of Representatives vote on several measures approved by Trump. This event was dubbed "crypto week".

Ethereum, which had long lagged behind other coins in terms of growth, rose 2.6% to $3,469 during early trading in London on Thursday. This was the highest level since January.