Digital asset funds recorded a fourth consecutive week of inflows, according to the latest CoinShares Digital Asset Fund Flows Report, released June 3.
According to the report, digital asset funds recorded weekly inflows of $185 million in the last week of May, with monthly inflows totaling $2 billion, bringing the capital inflows since the start of the year to more than 15 billion dollars.
The lion’s share of weekly flows came from the United States, accounting for $130 million in inflows last week, although the report also noted $260 million in outflows from existing issuers in the United States.
Bitcoin (BTC) dominated weekly flows, with the decentralized currency capturing $148 million in investment flows. Additionally, short Bitcoin funds saw weekly outflows of $3.5 million, bringing the monthly total to $12.5 million in outflows. This may indicate that Bitcoin investor sentiment remains optimistic.
Ethereum (ETH) saw weekly inflows of $33.5 million for the last week of May and monthly inflows to date of $21.6 million. This represents a reversal of investor confidence, likely due to the approval of exchange-traded funds (ETFs) in the United States. Previous weeks have seen a decline in institutional investor confidence, with outflows worth $200 million from ETH exchange-traded products.
Inflows into Solana Funds (SOL) were also positive, with inflows for the week ending May 31 reaching $5.8 million, bringing the monthly total to $24.8 million.
However, multi-asset funds performed poorly in May; Weekly outflows of $2.7 million were recorded last week, and monthly outflows of $12.2 million were recorded across funds and multi-asset products in May.
about: Cryptocurrency Exchanges See $3 Billion Ethereum Outflow Since ETF Approval.
Ethereum ETF has been approved in the United States
On May 23, 2024, the United States Securities and Exchange Commission (SEC) approved Ethereum ETFs in the United States, although Ethereum ETFs are available in other regions.
Since then, more than $3 billion worth of Ethereum has been moved from centralized exchanges, signaling potential supply shock concerns for the digital asset in the weeks and months ahead as balances of Trade is falling to lows not seen in years.
review: 7 ICO Alternatives for Raising Funds from Blockchain: Cryptocurrency Drops, IDOs and More.
