There has been a continuous increase in capital inflows for digital asset investment products, reaching a total of $185 million for the fourth consecutive week. The month of May saw a notable surge, with $2 billion in inflows, pushing the year-to-date figures beyond the $15 billion milestone for the first time.
According to the report from CoinShare, the majority of these inflows originated from the United States, contributing a net of $130 million. However, incumbent ETF issuers in the US experienced outflows of $260 million, despite the overall positive trends. 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.
When it comes to cryptocurrency-specific inflows, Bitcoin continued to attract investor interest, with total inflows reaching $148 million. In contrast, products betting against Bitcoin, such as short-Bitcoin investment tools, experienced outflows of $3.5 million, indicating a prevailing positive sentiment among ETF investors towards Bitcoin.
Following the SEC’s approval of a spot-based Ethereum ETF, which is expected to launch in July 2024, Ethereum recorded its second consecutive week of inflows. This shift represents a significant change in sentiment for an asset that previously experienced 10 weeks of outflows amounting to $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 for the year.