According to CoinShares Report: Digital asset investment products experienced significant inflows of $2 billion in the first week of June, boosting the cumulative five-week inflows to $4.3 billion. This surge comes as investors anticipate potential rate cuts following weaker-than-expected macroeconomic data from the US.
Inflows and Trading Volumes:
- Weekly Inflows: Digital asset investment products saw $2 billion in inflows.
- Five-Week Total: The recent five-week run of inflows reached $4.3 billion.
- Trading Volumes: Trading volumes in Exchange-Traded Products (ETPs) jumped to $12.8 billion, marking a 55% increase from the previous week.
Asset Focus:
- Bitcoin (BTC): Dominated inflows with $1.97 billion for the week, while short-bitcoin products saw outflows of $5.3 million for the third consecutive week.
- Ethereum (ETH): Recorded its best week since March with $69 million in inflows, spurred by the SEC's unexpected decision to allow spot-based ETFs.
Regional Insights
The US was the primary driver of inflows, accounting for $1.98 billion last week. Notably, the first day of the week marked the third-largest daily inflow on record. The iShares Bitcoin ETF significantly outperformed incumbent Grayscale, with $21 billion in Assets under Management (AuM).
Altcoin Activity
Altcoins saw modest activity, with Fantom and XRP standing out. Fantom garnered $1.4 million in inflows, while XRP attracted $1.2 million.