Bitcoin led the investment charge last week, accumulating over $1.97 billion in inflows, while Ether experienced its strongest week since March, attracting nearly $70 million in inflows.

Expectations are mounting among some traders regarding continued buying activity in Ether-tracked products, with projections of the asset reaching the $10,000 price level by 2024.

In a report released on Monday, asset manager CoinShares revealed that crypto investment products amassed nearly $2 billion in inflows last week, extending a five-week streak to over $4.3 billion.

Trading volumes in exchange-traded products (ETPs) surged to $12.8 billion for the week, marking a 55% increase from the previous week. Bitcoin dominated the investment landscape, attracting over $1.97 billion in inflows, while Ether witnessed its strongest week of inflows since March, totaling nearly $70 million.

Buying activity for spot bitcoin exchange-traded funds (ETFs) in the U.S. has surged since mid-May, following a lackluster period in April characterized by days of zero net inflows across all products. Notably, BlackRock’s IBIT, one of the major products, even experienced outflows during this time. However, inflows have since rebounded, with IBIT emerging as the largest bitcoin ETF last week, accumulating over $20 billion worth of the asset since its January issuance.

CoinShares analyst James Butterfill noted that inflows were observed across almost all providers, with a continued slowdown in outflows from established players. Positive price action propelled total assets under management (AuM) above the $100 billion mark for the first time since March this year.

Butterfill suggested that the surge in Ether buying was likely spurred by the SEC’s surprise decision to greenlight spot ether ETFs.

Traders anticipate continued inflows into Ether products in the coming months, with a rally expected towards the end of the year. Ed Hindi, Chief Investment Officer at Tyr Capital, believes that $5-10 billion of fresh capital could flow through Ether products in the short to medium term, potentially fueling a year-end rally in ETH and its ecosystem to new record highs. Hindi considers a price target of $10,000 in 2024 as reasonable, especially given Ether’s transition to a deflationary asset.

In May, the U.S. Securities and Exchange Commission (SEC) approved key regulatory filings tied to ETH ETFs, marking a historic milestone for the second-largest cryptocurrency. The approval covered documents for eight ETFs from various providers, including VanEck, Fidelity, Franklin, Grayscale, Bitwise, ARK Invest 21Shares, Invesco Galaxy, and BlackRock, for listing on major exchanges.

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