Last week, institutions poured $2 billion into the crypto market. ETH is pulling the liquidity of other altcoins, and Hong Kong is “raising its head.” This is evidenced by the#CoinSharesreport data for June 1-7.
The week saw a major influx. Although not a record, it is the largest in 12 weeks.
The positive dynamics of indicators in CoinShares is associated with weak macroeconomic data in the United States, which is pushing the US Federal Reserve to lower the interest rate.
Over the past 5 weeks, the total inflow has already amounted to $4.3 billion. A key role both for the past week and in general for all reporting roles since January, of course, is played by inflows into spot Bitcoin ETFs.
Crypto-ETF trading volume for the week increased to $12.8 billion, which is 55% more than the week before. At the same time, there was an influx of capital from almost all issuers, and the outflow slowed down. As a result,#Grayscalehad a minimum net outflow of -$29 million at the end of the week. And the main “weather” for hundreds of millions of dollars in criticism was provided by#BlackRockand #Fidelity.
Details on inflows/outflows for assets as a whole:
- Crypto products focused on#BTCattracted +$1.973 billion (a week earlier only +$148 million).
- Crypto products targeting#BTCshorts saw outflows increase, from -$3.5 million and -$4.3 million weeks earlier to -$5.3 million. I would still like to see a figure for outflows of more than $10 million; this would be assessed as a capitulation of institutional short-sellers. For now, the mood is more about uncertainty.
- The inflow of crypto products focused on#ETHhas increased significantly against the backdrop of the approval of spot Ethereum ETFs in the USA. If weeks earlier it was +33.5 million $ and +36 million $, now it is +68.9 million $. If the upward trend continues at the end of this week, this will add arguments to the early start of the altseason.
A characteristic picture of the past week is that all other altcoins show weakness in institutional inflows. Probably,#ETHis content to “cannibalize” the liquidity of its “younger brothers.” But there are no outflows either, this is important.
Figures for institutional capital flows into altcoins:
-#XRP- only +1.2 million $,
-#SOL- only +0.7 million $,
-#LTC- only +0.7 million $,
-#LINK- total +0.7 million $,
-#BNB- only +0.2 million $ (interest against the backdrop of the new ATH, before that there was silence on the asset for weeks).
Geographically the leader in US tributaries, by a wide margin. Next comes Hong Kong and they already have noticeable positive dynamics, +$26.1 million. The week earlier was the first positive week with +$1.7 million. If the dynamics continue, we can get an Asian narrative for market growth. Next in the ranking are Canada, Switzerland, and Brazil. Outflows are only in Sweden.
