Digital asset investment products have seen significant capital inflows for the fourth consecutive week, totalling $185 million. May marked a notable increase, with $2 billion in inflows, pushing the year-to-date figures past the $15 billion milestone for the first time.
According to the CoinShare’s report, most of these inflows originated from the United States, contributing a net $130 million. Despite overall positive trends, incumbent ETF issuers in the US experienced outflows of $260 million. Meanwhile, Switzerland reported its second-largest week of inflows this year with $36 million. Canada also saw positive movement with $25 million in inflows, recovering from a net outflow of $39 million in May.
Cryptocurrency-Specific Inflows
Bitcoin continued to attract investor interest with inflows totalling $148 million. In contrast, products betting against Bitcoin—short-Bitcoin investment tools—saw outflows totalling $3.5 million, indicating a prevailing positive sentiment among ETF investors toward Bitcoin.
Following the SEC’s approval of a spot-based Ethereum ETF expected to launch in July 2024, Ethereum recorded a second consecutive week of inflows. This shift represents a significant change in sentiment for an asset that previously experienced a 10-week run of outflows totalling $200 million. Solana also benefited from this positive momentum, witnessing a $5.8 million inflow last week. Despite the successes seen in direct cryptocurrency investments, blockchain equities did not fare as well. Last week, these equities saw outflows of $7.2 million, contributing to a total of $516 million in outflows this year.