Despite a 40% trading drop, crypto ETPs saw $185M inflows. Bitcoin led with $148M; Ethereum gained $34.5M after ETF approval.
CoinShares’ weekly report states that global digital asset investment products had inflows for the fourth week, totaling $185 million.
According to the report, these inflows caused May’s total to reach $2 billion, marking the first time that inflows for the year have exceeded $15 billion. However, trading volume fell from $13 billion the week before to $8 billion.
Since Bitcoin is still the key driver of the flows into cryptocurrency investment products, investors’ interest in BTC is still mainly favorable. The leading digital asset had inflows of $148 million over the previous week, while short BTC products experienced outflows of $3.5 million.
Even though Grayscale’s GBTC saw an outflow of $260 million, the US remained the leader in the region with inflows of $130 million. Spot Bitcoin ETFs from Fidelity and BlackRock saw large inflows totaling $475 million.
Switzerland, meanwhile, received $36 million in inflows, its second-highest sum of the year. Despite a net monthly outflow of $39 million, Canada contributed $25 million in inflows, rebounding from the previous weeks’ outflows.
Surprisingly, Hong Kong managed to reverse its pattern of outflows, with small inflows of $1.7 million recorded last week.
Ethereum-related cryptocurrency assets, however, have received inflows for the second week running, with investors investing $34.5 million in these financial instruments. With $36 million in inflows last week, ETH experienced its best levels since March.
The Securities and Exchange Commission’s (SEC) decision to approve the 19b-4 registrations of multiple spot Ethereum ETF products was credited by CoinShares as the reason for this turnaround. Before this permission, ETH had a $200 million run of withdrawals during ten weeks.
According to several experts, the Ethereum ETFs may start trading as early as July; however, according to Bloomberg ETF analyst James Seyffart, there is no firm date for the launch because the financial regulator still needs to approve the issuers’ S-1 files.
Positive attitudes surrounding Ethereum, however, also encouraged purchases in other large-cap altcoins, such as Solana, which witnessed $5.8 million in inflows. There were few inflows of less than $1 million in assets such as Chainlink, XRP, and Litecoin.
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