The digital asset investment market continues its upward trend, with record-breaking year-to-date inflows despite a slight decline in weekly volume. Here’s a breakdown of the key points:
– Fourth consecutive week of inflows for digital asset investment products.
– Total inflows for May reached $2 billion, pushing year-to-date inflows past $15 billion – a record high.
– The US led the inflows with $130 million, followed by Switzerland ($36 million) and Canada ($25 million).
Bitcoin (BTC) remains the most popular asset, attracting $148 million in inflows. Short-bitcoin products saw outflows, indicating positive investor sentiment.
Ethereum (ETH) experienced its second week of inflows after the SEC approved a spot-based ETF launch in July 2024. This marks a turnaround after a 10-week outflow streak for ETH. Solana (SOL) also benefited from Ethereum’s momentum, attracting $5.8 million in inflows.
Blockchain equities faced outflows last week ($7.2 million) and year-to-date ($516 million).
Despite the mixed performance in certain areas, the digital asset investment market shows a robust overall trend.
It will be interesting to see if the positive momentum for Bitcoin and Ethereum continues with the launch of the spot-based ETH ETF. The performance of blockchain equities will also be worth monitoring.
