- Year-to-date, inflows into crypto products have exceeded $15 billion.
- Ethereum recorded its second week of inflows.
Digital asset investment products recorded inflows totaling $185 million last week, marking the fourth straight week of inflows, digital asset investment firm CoinShares found in its new report.
While this marked an 82% decline from the $1.05 billion recorded the week before, it still pushed May inflows to $2 billion. It also pushed year-to-date (YTD) inflows into cryptocurrency funds above the $15 billion mark.
According to the digital asset investment firm, trading volumes fell during the week under review. They totaled $8 billion, down 38% from the $13 billion recorded last week.
At the end of the week, as observed by CoinShares, total assets under management (AUM) for crypto-based investment products exceeded $97 billion. This was a decline of 1.3% from the $98.43 billion recorded last week.
Regionally, most of the flows into crypto funds last week came from the US. According to CoinShares:
“The majority of inflows came from the US, with a net amount of $130 million, although outflows from established ETF issuers rose to $260 million. Switzerland had the second biggest week this year in terms of inflows of $36 million, while Canada saw a turnaround with inflows of $25 million, despite net outflows in May totaling $39 million.
Happiness smiles on Ethereum
Since the US Securities and Exchange Commission (SEC) approved the first batch of applications for spot Ethereum [ETH] exchange-traded funds (ETFs) from Grayscale, Bitwise, iShares, VanEck, Ark Invest, Invesco, Fidelity and Franklin Templeton on May 22, ETH-based products recorded significant inflows.
The week examined was the same. According to CoinShares’ report, Ethereum-backed products recorded their second week of inflows, which amounted to $34 million.
This represented 18% of all inflows recorded during that period. Additionally, last week’s liquidity flows into Ethereum pushed the altcoin’s YTD inflows to $11 million.
Is your portfolio green? Check the Ethereum profit calculator
CoinShares said:
“This represents a turnaround in investor sentiment in an asset that saw outflows 10 weeks earlier, totaling $200 million.”
CoinShares found that last week’s Ethereum inflows affected Solana [SOL] due to the statistically positive correlation between them.
“This positive news for Ethereum has also had an impact on Solana, which saw another $5.8 million inflow last week.”