- For the fourth week running, net inflows into global digital asset investment products were observed, with funds based on Bitcoin and Ethereum leading the way.
- With last week’s $185 million in inflows, May’s total surpassed $2 billion, bringing the year’s net inflows past $15 billion.
According to CoinShares’ most recent report, global cryptocurrency investment products at asset managers like Ark Invest, Bitwise, BlackRock, Fidelity, Grayscale, ProShares, and 21Shares saw net inflows of $185 million last week, marking the fourth consecutive week of positive inflows.
May inflows hit $2 billion during the streak, bringing net inflows for the year over $15 billion. However, according to CoinShares Head of Research James Butterfill, volume decreased over the previous week, earning $8 billion in trading as opposed to $13 billion the week before.
Bitcoin and the US lead, while Ethereum observes a “turnaround in sentiment.”
US-based cryptocurrency investment products, which brought in $130 million net, remained the mainstay of last week’s flows. Funds located in Canada and Switzerland experienced net inflows of $24.6 million and $36.8 million, respectively. However, there were net outflows from digital asset funds in Brazil and Sweden.
Globally, Bitcoin-based funds received net inflows of $148 million last week, while short Bitcoin products experienced additional outflows of $3.5 million, indicating that investor sentiment is still bullish, according to Butterfill.
The combined net inflows for U.S. spot Bitcoin exchange-traded funds was $170.9 million for the week. Of these, $297.8 million came from BlackRock’s IBIT, which was sufficient to offset the net outflows of $260.6 million from Grayscale’s converted GBTC fund alone. IBIT surpassed GBTC in terms of assets under management.
In the meantime, after the Securities and Exchange Commission approved 19b-4 forms for eight spot Ethereum ETF in the U.S. on May 23, Ethereum-based products had their second consecutive week of net inflows, accumulating $33.5 million.
Before trading can start, the issuers still need to wait for their S-1 registration statements to become effective, which might take several days or weeks.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
