What You Need to Know:
- A total of $785 million was invested in crypto products last week, elevating the yearly total to $7.5 billion.
- These inflows completely offset the $7 billion that was withdrawn during the market downturn in February and March.
- Bitcoin products led the inflow with $557 million, while Ethereum products attracted $205 million.
Crypto investment products experienced a surge of $785 million in inflows over the past week, restoring year-to-date totals to $7.5 billion and marking a complete recovery from the nearly $7 billion that was withdrawn during the market’s downturn earlier this year.
The resurgence was particularly driven by U.S. investors who contributed $681 million, along with $86.3 million from Germany and $24.2 million from Hong Kong. This data was highlighted in CoinShares’ latest Digital Asset Fund Flows report.
Bitcoin products [BTC] saw the majority of last week’s inflows at $557 million, a decline from previous weeks but still robust amidst the U.S. Federal Reserve’s hawkish stance, which may temper investor enthusiasm.
The recovery is particularly evident in U.S.-listed spot Bitcoin ETFs. After absorbing $3.56 billion in outflows in February and $767 million in March, these funds have received nearly $3 billion last month alone, with $2.64 billion coming in May, as reported by SoSoValue.
Short Bitcoin product inflows have continued for the fourth week in a row, indicating that some investors are hedging against potential downturns.
Regarding altcoins, Ethereum products [ETH] have also excelled, bringing in $205 million in inflows, the highest since March. This recovery appears associated with the successful Pectra upgrade.
Among the leading investment vehicles, only Solana (SOL) saw outflows, losing just under $1 million for the week.
