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Crypto-focused investment products continued to attract significant investments for the fourth consecutive week, with inflows totaling $185 million. In May alone, there was a substantial inflow of $2 billion, bringing the total inflows since the beginning of the year to $15 billion. This trend demonstrated the increasing investor interest and confidence in cryptocurrencies, despite a noticeable decline in weekly trading volumes from $13 billion to $8 billion in the previous week.
Geographical Distribution of Investments
A closer look at the geographical distribution of these investments reveals that the majority came from the US, with net inflows of $130 million. This was somewhat balanced by the $260 million outflows from ETF issuers in the market.
Switzerland experienced its second-largest inflow week of the year with $36 million, while Canada saw a significant rebound with $25 million in inflows after a net outflow of $39 million in May.
Bitcoin and Ethereum Inflows
Bitcoin continued to dominate inflows with $148 million, reflecting ongoing positive sentiment among ETF investors. In contrast, short-focused Bitcoin products saw outflows totaling $3.5 million for another week, reinforcing the bullish outlook on Bitcoin among investors.
Ethereum also experienced inflows for the second week, following the SEC’s approval of a spot-based ETF set to launch in July 2024. This development marked a significant turnaround for Ethereum, which had seen outflows of $200 million over 10 weeks. The positive sentiment surrounding Ethereum also positively impacted other cryptocurrencies like Solana, which recorded $5.8 million in inflows last week. XRP, Cardano, Chainlink, and Litecoin also saw inflows, with XRP receiving $800,000, Cardano $300,000, Chainlink $1 million, and Litecoin $600,000.
Despite the positive performance of direct crypto investments, blockchain-focused stocks did not share the same success. They experienced outflows of $7.2 million last week and $516 million throughout the year. This indicated a divergence in investor confidence between direct crypto asset investments and related stocks.
