Key Points:
This strong performance in May saw total inflows of $2 billion and took year-to-date inflows over the $15 billion mark for the first time. However, trading volumes dropped to $8 billion, down from $13 billion the previous week.
Most of the inflows of digital asset investment products came from the United States, with a net $130 million. However, there were significant outflows from incumbent ETF issuers, which rose to $260 million. Switzerland saw its second-largest week of inflows this year with $36 million, and Canada reversed its trend with $25 million in inflows despite having a net outflow of $39 million in May.
As the direct digital asset investments did well, blockchain equities fared poorly, with outflows last week reaching $7.2 million and $516 million year-to-date.
Investment in Bitcoin continued, with inflows totaling $148 million. Meanwhile, short-bitcoin products recorded another week of outflows at $3.5 million, indicating positive sentiment amongst ETF investors.
Ethereum also recorded a second week of inflows coming off the back of the SEC’s approval of a spot-based ETF due to be launched in July 2024. It is a marked change in sentiment for Ethereum after having lost $200 million across 10 consecutive weeks of outflows. Positive sentiment toward Ethereum also bled into Solana, with an additional $5.8 million in inflows last week.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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