According to CoinShares’ latest “Digital Asset Fund Flows” report released on June 3, digital asset funds have recorded inflows for the fourth week in a row.
According to the report, digital asset funds had weekly inflows of $185 million in the last week of May, with monthly inflows totaling $2 billion, bringing capital inflows to over $15 billion so far this year.
The largest share of weekly inflows came from the United States, accounting for $130 million of last week’s inflows. The report also found that existing issuer outflows in the US amounted to $260 million.
Weekly inflows were led by Bitcoin (BTC), with the decentralized cryptocurrency recording $148 million in investment flows. Additionally, short Bitcoin funds saw weekly outflows of $3.5 million, bringing total monthly outflows to $12.5 million. This could mean that Bitcoin investor sentiment remains bullish.
Ethereum (ETH) had weekly inflows of $33.5 million in the last week of May, and monthly inflows of $21.6 million. This represents a reversal in investor sentiment, possibly triggered by the approval of an Ether exchange-traded fund (ETF) in the United States. Last week, sentiment among institutional investors fell, leading to $200 million outflow from ETH’s exchange-traded products.
Solana’s (SOL) fund inflows have been similarly positive. Inflows for the week ended May 31 hit $5.8 million, bringing the monthly total to $24.8 million.
However, the performance of the multi-asset fund in May was sluggish. The last week saw weekly outflows of $2.7 million, while May saw monthly outflows of $12.2 million from multi-asset funds and products.
Related: Cryptocurrency exchanges see $3 billion worth of Ethereum exits following ETF approval..
Ether ETF approved in the US
On May 23, 2024, the U.S. Securities and Exchange Commission approved the Ether ETF in the United States, but Ether exchange-traded products are also available in other regions.
Since then, more than $3 billion of ETH has moved off centralized exchanges, hinting at potential supply shock issues for digital assets in the coming weeks and months as exchange balances fall to lowest levels not seen in years.
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