Global digital asset investment products recorded their fourth consecutive week of inflows, totaling $185 million, according to weekly CoinShares. report.
The report said these inflows brought May's total to $2 billion, bringing inflows since the start of the year to more than $15 billion for the first time. However, trading volume fell to $8 billion from $13 billion the previous week.
Bitcoin, the United States in the lead
Investor interest in BTC remains largely positive because Bitcoin continues to drive crypto investment product flows. Over the past week, the flagship digital asset saw 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, Bitcoin spot ETFs from BlackRock and Fidelity saw significant inflows totaling $475 million.
At the same time, Switzerland recorded its second capital inflows of the year, amounting to $36 million. Canada, recovering from the outflows of previous weeks, contributed $25 million in inflows despite monthly net outflows of $39 million.
Remarkably, Hong Kong has managed to stem its exodus trend, recording modest inflows of $1.7 million last week.
Ethereum ETF Approval Changes Investor Sentiment
Meanwhile, crypto products linked to Ethereum experienced their second consecutive week of capital inflows, with investors pouring $34.5 million into these financial instruments. Last week, ETH saw its highest inflows of $36 million since March.
CoinShares attributed the turnaround to the Securities and Exchange Commission's (SEC) decision to approve 19b-4 filings of several Ethereum spot ETF products. Prior to this approval, ETH had seen outflows totaling $200 million over 10 weeks.
Several experts have predicted that Ethereum ETFs could begin trading as early as July, but Bloomberg ETF analyst James Seyffart said there is no definitive timetable for the launch as the financial regulator has not yet approved the Issuers' S-1 filings.
Meanwhile, positive sentiments on Ethereum have also expanded investments in other large-cap altcoins like Solana, which recorded $5.8 million in revenue. Other assets like Chainlink, XRP, and Litecoin saw minor inflows of less than $1 million.