Rising Tide: Crypto Investment Products See $185M Inflows, May Sets New Record At $2 Billion



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. 

How To Get Free Crypto  


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


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.

Coinbase Banner  


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


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.

FreeBitcoin Banner  
The
1-D
chart
shows
ETH’s
sideways
price
action
between
$3,700
and
$3,900
over
the
past
10
days.
Source:

ETHUSD
on
TradingView.com


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

Go to Source
Author: Ronaldo Marquez


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