Though it is only May, a third straight week of inflows into digital asset investment products has pushed cumulative flows to a year-to-date record of $14.9 billion.
CoinShares noted in its latest weekly report that most of the inflows were into bitcoin exchange-traded products. Last week, $1.01 billion flowed into such ETPs. "Sentiment is turning broadly positive despite recent price rises," the data suggests, according to CoinShares. "This is likely due to investors interpreting the FOMC minutes and recent macro data as mildly dovish."
Ethereum, meanwhile, expectedly benefited from the recent and largely unexpected approval of ether exchange-traded funds in the United States — seeing $36 million in inflows for the week. A general trend of rising crypto prices has pushed total digital asset ETPs to $98.5 billion, CoinShares noted. At the same time, weekly ETP trading volumes have risen by 28% to $13.6 billion.
Per usual, flows were largely concentrated in the U.S., where Grayscale saw its chronic outflows "subside dramatically to only $15 million for the week." Germany and Switzerland saw noteworthy inflows, but Hong Kong spot bitcoin ETFs saw more outflows of $29 million.Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block.
Belgique Dernières Nouvelles, Belgique Actualités
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