For the fourth week in a row, digital asset investment products have attracted substantial capital inflows, reaching a total of $185 million. The month of May saw a remarkable surge, with $2 billion flowing into these products, pushing the year-to-date inflows past the $15 billion mark for the first time.
In a report by CoinShares, it was revealed that a significant portion of these inflows originated from the United States, contributing a net amount of $130 million. Despite this positive trend, ETF issuers in the US experienced outflows of $260 million. Switzerland also saw a strong week with its second-highest inflows of the year at $36 million, while Canada recovered from a net outflow of $39 million in May, recording $25 million in inflows.
Specifically in the realm of cryptocurrencies, Bitcoin continued to attract investor interest with inflows of $148 million. On the other hand, products that bet against Bitcoin, such as short-Bitcoin investment tools, saw outflows of $3.5 million, indicating a prevailing positive sentiment among ETF investors towards Bitcoin.
Following the approval by the SEC of a spot-based Ethereum ETF set to launch in July 2024, Ethereum saw its second consecutive week of inflows. This marked a significant shift in sentiment for an asset that had previously experienced 10 weeks of outflows totaling $200 million. Solana also benefited from this positive momentum, receiving an inflow of $5.8 million last week.
However, blockchain equities did not perform as well. Last week, these equities experienced outflows of $7.2 million, contributing to a total of $516 million in outflows for the year.