Key Points
- Crypto products have seen over $15 billion in year-to-date inflows, with Ethereum recording two consecutive weeks of inflows.
- Digital asset investment products recorded $185 million in inflows last week, despite a decline in trading volumes.
Crypto Product Inflows Surpass $15 Billion
Digital asset investment products recorded inflows of $185 million last week. This marks the fourth consecutive week of inflows, according to CoinShares’ report.
Despite being an 82% decline from the previous week’s $1.05 billion, these inflows have pushed May’s total to $2 billion. Furthermore, year-to-date inflows into cryptocurrency funds have now exceeded $15 billion.
Trading Volumes Decline, Ethereum Sees Boost
CoinShares noted a decrease in trading volumes during the week under review, totaling $8 billion. This is a 38% drop from the previous week’s $13 billion.
By the week’s end, the total assets under management for crypto-based investment products were above $97 billion, a slight 1.3% decline from the previous week.
Most of last week’s fund inflows came from the U.S, with a net inflow of $130 million. Switzerland saw its second largest week of inflows this year at $36 million, while Canada saw inflows of $25 million.
Since the U.S Securities and Exchange Commission approved the first applications for spot Ethereum exchange-traded funds from various companies, Ethereum-based products have seen significant inflows.
Last week, Ethereum-backed products recorded their second consecutive week of inflows, totaling $34 million. This pushed the altcoin’s year-to-date inflows to $11 million.
CoinShares noted a turnaround in investor sentiment in Ethereum, which had previously seen a 10-week run of outflows. Last week’s inflows also positively impacted Solana, which recorded an inflow of $5.8 million.
