Rising Tide: Crypto Investment Products See $185M Inflows, May Sets New Record At $2 Billion
03 Junio 2024 - 10:30PM
NEWSBTC
The crypto market is showing signs of a bullish resurgence, with
reports of an impressive $2 billion in inflows for May alone.
Alongside this positive trend, Ethereum (ETH) has seen a notable
turnaround in investor sentiment as the long-awaited spot
exchange-traded funds (ETFs) for the market’s second-largest
cryptocurrency received approval from the US regulators last
week. Record-Breaking Month For Crypto Products According to
a recent report from research firm CoinShares, digital asset
investment products consistently attracted inflows during the four
weeks, amassing a total of $185 million. May proved to be
particularly fruitful, with inflows surpassing $2 billion. This
achievement marks the first time on record that year-to-date
inflows have exceeded the $15 billion mark, highlighting investors’
growing interest in the crypto market. Related Reading:
Solana-Based GameStop Tribute Token (GME) Soars 300% Following
Roaring Kitty’s Return Most inflows originated from the United
States, with a net inflow of $130 million. However, it is worth
noting that ETF issuers experienced outflows amounting to $260
million. Switzerland also witnessed a significant uptick in
investor interest, recording its second-largest weekly inflow this
year at $36 million. Meanwhile, Canada witnessed a positive
turnaround, with inflows of $25 million, despite experiencing a net
outflow of $39 million in May. Ethereum Rebounds With $200M Inflows
Per the report, Bitcoin (BTC) continued to dominate the crypto
market, attracting inflows totaling $148 million. Conversely,
short-Bitcoin products witnessed another week of outflows,
amounting to $3.5 million, suggesting that sentiment among ETF
investors remains largely positive for the leading cryptocurrency.
Ethereum, on the other hand, experienced a notable change in
investor sentiment following the Securities and Exchange
Commission’s (SEC) approval of a spot-based ETF that is expected to
launch in July 2024. CoinShares notes that this approval
marked a turning point for Ethereum, which had endured ten weeks of
outflows totaling $200 million. Interestingly, the positive news
for Ethereum had a ripple effect on Solana (SOL), which received an
additional $5.8 million in inflows last week. Related Reading:
Bitcoin, Ethereum On Exchanges Drop To New Lows, What A Supply
Squeeze Would Mean For The Market While direct investments in
crypto assets have been thriving, blockchain equities faced a
different scenario. In the past week alone, blockchain equities
witnessed outflows of $7.2 million. The report notes that
since the beginning of the year, the sector has suffered outflows
totaling $516 million, reflecting a challenging period for
blockchain-related stocks. At the time of writing, Ethereum has
seen a 4% price drop in the last week, resulting in a trading price
of $3,770. However, the second-largest cryptocurrency on the market
still holds gains of 21%, as recorded in the 30 days.
Featured image from DALL-E, chart from TradingView.com
Ripple (COIN:XRPUSD)
Gráfica de Acción Histórica
De Ago 2024 a Sep 2024
Ripple (COIN:XRPUSD)
Gráfica de Acción Histórica
De Sep 2023 a Sep 2024