Digital asset investment products have continued to attract significant amounts of capital for the fourth consecutive week, with a total of $185 million flowing in. The month of May saw a notable increase, with inflows reaching $2 billion, pushing the year-to-date figures beyond the $15 billion milestone for the first time.
According to a report from CoinShare, the majority of these inflows originated from the United States, contributing a net of $130 million. However, despite the overall positive trends, ETF issuers in the US experienced outflows of $260 million. On the other hand, Switzerland reported its second-largest week of inflows this year, amounting to $36 million. Canada also saw positive movement, with $25 million flowing in, recovering from a net outflow of $39 million in May.
In terms of specific cryptocurrencies, Bitcoin continued to attract investor interest, with inflows totaling $148 million. In contrast, investment tools that bet against Bitcoin, known as short-Bitcoin products, saw outflows amounting to $3.5 million, indicating a prevailing positive sentiment among ETF investors towards Bitcoin.
Following the SEC’s approval of a spot-based Ethereum ETF that is expected to launch in July 2024, Ethereum witnessed a second consecutive week of inflows. This shift in sentiment is significant, considering that Ethereum had previously experienced 10 weeks of outflows totaling $200 million.
Solana also benefited from this positive momentum, with an inflow of $5.8 million last week. However, blockchain equities did not fare as well, experiencing outflows of $7.2 million. This contributes to a total of $516 million in outflows for blockchain equities this year.