Crypto investment products see $2 billion of inflows in May amid 'turnaround' in Ethereum sentiment: CoinShares
Global digital asset investment products witnessed net inflows for the fourth consecutive week, led by Bitcoin and Ethereum-based funds.Last week’s figures totaling $185 million took May inflows to $2 billion, pushing year-to-date net inflows above the $15 billion mark.
Global crypto investment products at asset managers such as Ark Invest, Bitwise, BlackRock, Fidelity, Grayscale, ProShares and 21Shares registered net inflows totaling $185 million last week, a fourth-consecutive week of positive inflows, according to CoinShares' latest report.
The streak saw May inflows reach $2 billion, pushing year-to-date net inflows above the $15 billion level. However, volume fell over the past week, generating $8 billion in trading compared to $13 billion the week prior, CoinShares Head of Research James Butterfill wrote .
Weekly crypto asset flows. Images: CoinShares .
US and Bitcoin dominate as Ethereum sees a ‘turnaround in sentiment’
Crypto investment products based in the U.S. continued to dominate last week’s flows, accounting for $130 million in net inflows. Switzerland and Canada-based funds saw $36.8 million and $24.6 million worth of net inflows, respectively. However, digital asset funds in Sweden and Brazil registered net outflows.
Bitcoin-based funds generated net inflows totaling $148 million globally last week, while short Bitcoin products saw further outflows totaling $3.5 million, suggesting sentiment remains positive among investors, according to Butterfill.
RELATED INDICES
U.S. spot Bitcoin exchange-traded funds witnessed $170.9 million in combined net inflows for the week, with $297.8 million worth of net inflows from BlackRock’s IBIT, enough to overcome $260.6 million in net outflows from Grayscale’s converted GBTC fund alone as IBIT took the top spot from GBTC in terms of assets under management.
Meanwhile, Ethereum-based products saw their second consecutive week of net inflows, adding $33.5 million, following the Securities and Exchange Commission’s approval of 19b-4 forms for eight spot Ethereum ETF in the U.S. on May 23. The issuers still need to have their S-1 registration statements go effective before trading can begin — a process that could take days or weeks.
“This represents a turnaround in investor sentiment in an asset that had seen a 10-week run of outflows prior, totalling $200 million,” Butterfill said.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Castle Island Ventures partner: I don’t regret spending eight years in the cryptocurrency industry
A cryptocurrency practitioner who once held libertarian ideals became disillusioned after reflecting on a career spent building "financial casinos," sparking a profound reflection on the divergence between the original aspirations and the current reality of the crypto space.
Powell: Employment is weakening, inflation remains high, and no one is talking about rate hikes now
Powell pointed out that the U.S. labor market is cooling, with hiring and layoffs slowing down and the unemployment rate rising to 4.4%. Core PCE inflation remains above the 2% target, but service inflation is slowing. The Federal Reserve has cut interest rates by 25 basis points and started purchasing short-term Treasury bonds, emphasizing that the policy path needs to balance risks between employment and inflation. Future policies will be adjusted based on data. Summary generated by Mars AI. This summary is produced by the Mars AI model, and the accuracy and completeness of its generated content are still in the process of iterative improvement.
$RAVE TGE Countdown: When Clubbing Becomes an On-Chain Economic Activity, the True Web3 Breakthrough Moment Arrives
RaveDAO is rapidly growing into an open cultural ecosystem driven by entertainment, becoming a key infrastructure for Web3 to achieve real-world adoption and mainstream breakthrough.
A "hawkish rate cut" that's not so "hawkish," and balance sheet expansion that's "not QE"
The Federal Reserve has cut interest rates by another 25 basis points as expected, still projecting one rate cut next year, and has launched an RMP to purchase $40 billion in short-term bonds.
Trending news
MoreCrypto prices
More
