Ethereum
Digital Asset Flows Hit $2 Billion in May, Ethereum (ETH) Sees Positive Sentiment Shift
Digital asset investment products saw significant inflows in May, reaching a total of $2 billion, according to CoinShares. This impressive figure contributed to an annual inflow exceeding $15 billion for the first time on record.
Weekly entries and regional contributions
The momentum continued, with digital asset investment products recording their fourth consecutive week of inflows, totaling $185 million. However, trading volumes for the week declined, falling to $8 billion from $13 billion the previous week.
The United States led inflows with a net $130 million, although outflows from legacy ETF issuers increased to $260 million. Switzerland marked its second largest admissions week of the year with $36 million, while Canada bucked the trend with $25 million in admissions despite a net outflow of $39 million in May.
Bitcoin and Ethereum performance
Bitcoin (BTC) continued to attract investment, with inflows totaling $148 million. In contrast, Bitcoin short products saw outflows amounting to $3.5 million, indicating positive sentiment among ETF investors.
Ethereum (ETH) also saw a turnaround, recording its second week of inflows following the SEC’s approval of a spot ETF, scheduled to launch in July 2024. This marks a significant shift in market sentiment. investors for Ethereum, which had already seen a series of capital outflows over 10 weeks totaling $200 million. The positive news for Ethereum also benefited Solana (SOL), which saw additional inflows of $5.8 million last week.
Other market dynamics
Despite the success of direct investments in digital assets, blockchain stocks have struggled, seeing $7.2 million in outflows last week and $516 million this year.
Overall, the data indicates growing confidence in digital asset investment products, particularly in major cryptocurrencies like Bitcoin and Ethereum. The approval of new financial instruments such as spot ETFs is likely to further strengthen this trend.
For more detailed information, the full report is available at CoinShares Blog.
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