Digital asset investment products continue to attract significant capital inflows for the fourth consecutive week, with a total of $185 million. The month of May saw a noteworthy increase, with $2 billion in inflows, 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 amount 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, totaling $36 million. Canada also saw positive movement with $25 million in inflows, recovering from a net outflow of $39 million in May.
When it comes to specific cryptocurrencies, Bitcoin continued to attract investor interest, with inflows totaling $148 million. In contrast, investment tools betting against Bitcoin, such as short-Bitcoin products, saw outflows totaling $3.5 million. This indicates a prevailing positive sentiment among ETF investors towards Bitcoin.
Following the recent approval of a spot-based Ethereum ETF by the SEC, expected to launch in July 2024, Ethereum recorded a second consecutive week of inflows. This represents a significant shift in sentiment for an asset that previously experienced 10 weeks of outflows totaling $200 million.
Solana also benefited from this positive momentum, witnessing an inflow of $5.8 million last week. However, blockchain equities did not fare as well. These equities saw outflows of $7.2 million last week, contributing to a total of $516 million in outflows this year.