Digital asset investment products have continued to attract significant capital inflows, reaching a total of $185 million for the fourth consecutive week. The month of May saw a remarkable 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 by CoinShares, the majority of these inflows originated from the United States, contributing a net amount of $130 million. However, despite the positive overall 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, totaling $36 million. Canada also saw positive movement with $25 million in inflows, 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. Conversely, products that bet against Bitcoin, such as short-Bitcoin investment tools, saw outflows totaling $3.5 million, indicating a prevailing positive sentiment among ETF investors towards Bitcoin.
Another notable development is the shift in sentiment towards Ethereum. Following the SEC’s approval of a spot-based Ethereum ETF expected to launch in July 2024, Ethereum recorded a second consecutive week of inflows. This represents a significant change for an asset that previously experienced 10 weeks of outflows totaling $200 million.
In addition to Ethereum, Solana also benefited from this positive momentum, witnessing an inflow of $5.8 million last week. However, blockchain equities did not fare as well, experiencing outflows of $7.2 million last week and a total of $516 million in outflows this year.