Digital asset investment products have continued to attract significant capital inflows for the fourth consecutive week, amounting to a total of $185 million. The month of May saw a notable increase, with a staggering $2 billion in inflows, which pushed 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 total of $130 million. Despite the overall positive trends, incumbent ETF issuers in the US experienced outflows amounting to $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 in inflows, recovering from a net outflow of $39 million in May.
In terms of cryptocurrency-specific inflows, Bitcoin continued to attract investor interest with inflows totaling $148 million. Conversely, products betting against Bitcoin, such as short-Bitcoin investment tools, saw outflows totaling $3.5 million, indicating a prevailing positive sentiment among ETF investors towards Bitcoin.
Following the Securities and Exchange Commission’s approval of a spot-based Ethereum ETF, which is expected to launch in July 2024, Ethereum recorded a second consecutive week of inflows. This shift in sentiment is significant, considering that Ethereum had previously experienced a 10-week run 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, with outflows of $7.2 million last week, contributing to a total of $516 million in outflows for this year.
