Digital asset investment products have continued to attract significant capital inflows for the fourth consecutive week, reaching a total of $185 million. May saw a remarkable surge, with a whopping $2 billion pouring in, propelling the year-to-date figures past the $15 billion milestone for the very first time.
According to the report from CoinShares, the majority of these inflows originated from the United States, contributing a net amount of $130 million. However, despite the overall positive trend, incumbent ETF issuers in the US witnessed outflows of $260 million. On the other hand, Switzerland reported its second-largest week of inflows this year, amounting to $36 million. Canada also experienced positive movement, with $25 million flowing in, recovering from a net outflow of $39 million in May.
In terms of cryptocurrency-specific inflows, Bitcoin continued to attract investor interest, with a total of $148 million pouring in. In contrast, products that bet against Bitcoin, such as short-Bitcoin investment tools, experienced outflows totaling $3.5 million. This indicates a prevailing positive sentiment among ETF investors towards Bitcoin.
Furthermore, following the SEC’s approval of a spot-based Ethereum ETF, which is expected to launch in July 2024, Ethereum saw a second consecutive week of inflows. This shift represents a significant change in sentiment for an asset that previously experienced ten weeks of outflows, totaling $200 million.
Another beneficiary of this positive momentum is Solana, which witnessed an inflow of $5.8 million last week. However, blockchain equities did not fare as well. These equities experienced outflows of $7.2 million last week, contributing to a total of $516 million in outflows this year.
