US leads $2 billion May crypto inflow while Ethereum ETF sparks investor interest News ▸ US ▸ Bitcoin · Ethereum ▸ Investments
US leads $2 billion May crypto inflow while Ethereum ETF sparks investor interest
Trading activities for the crypto ETPs were surprisingly subdued, dropping by around 40% last week.
2 min read
Updated: Jun. 3, 2024 at 4:20 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Global digital asset investment products recorded their fourth consecutive week of inflows, totaling $185 million, according to CoinShares’ weekly report.
The report stated that these inflows pushed May’s total to $2 billion, bringing the year-to-date inflows to over $15 billion for the first time. However, trading volume dropped to $8 billion from $13 billion the previous week.
Bitcoin, US leads
Investors’ interest in BTC remains largely positive as Bitcoin continues to drive the flows in crypto investment products. During the past week, the flagship digital asset recorded inflows totaling $148 million, while short BTC products saw outflows of $3.5 million.
Regionally, the US maintained its lead with $130 million in inflows despite a $260 million outflow from Grayscale’s GBTC. During the period, spot Bitcoin ETFs from BlackRock and Fidelity recorded significant inflows totaling $475 million.
Meanwhile, Switzerland saw its second-largest inflows of the year, amounting to $36 million. Canada, recovering from the previous weeks’ outflows, contributed $25 million in inflows despite a net monthly outflow of $39 million.
Remarkably, Hong Kong has been able to stem its outflow trend, recording modest inflows of $1.7 million last week.
Ethereum ETF approval turns investor sentiment
Meanwhile, crypto-products related to Ethereum have seen their second consecutive week of inflows, with investors pouring $34.5 million into these financial instruments. Last week, ETH saw its highest inflows at $36 million since March.
CoinShares attributed this turnaround to the Securities and Exchange Commission’s (SEC) decision to approve the 19b-4 filings of several spot Ethereum ETF products. Before this approval, ETH was on a 10-week run of outflows totaling $200 million.
Several experts have predicted that the Ethereum ETFs could begin trading as early as July, but Bloomberg ETF analyst James Seyffart said there is no definitive timeline for the launch because the financial regulator has yet to approve the issuers’ S-1 filings.
Meanwhile, the positive sentiments in Ethereum also extended investments into other large-cap altcoins like Solana, which saw $5.8 million in inflows. Other assets like Chainlink, XRP, and Litecoin recorded minor inflows of less than $1 million.
Mentioned in this article
Author 
Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
Editor Editor 
Liam 'Akiba' Wright
Also known as "Akiba," Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Ethereum
$3,403.42
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Solana
$138.970
Solana is a high-performance blockchain platform that utilizes a unique consensus algorithm called “Proof of History” to achieve fast transaction speeds and low fees.
Chainlink
$14.2401
Chainlink is a decentralized oracle network that connects smart contracts on the blockchain to real-world data.
