Ethereum spot ETF driving optimism? Cryptocurrency funds attracted $2 billion in May

According to the latest report from CoinShares, Ark Invest, Bitwise, BlackRock, Fidelity, Grayscale, ProShares and 21Shares Cryptocurrency investment products of other asset management companies received a total net inflow of US$185 million last week, marking the fourth consecutive week of positive capital inflows.

Funds flowing into cryptocurrency investment products totaled US$2 billion in May this year, bringing the total net inflows so far this year to more than US$15 billion. However, CoinShares analyst James Butterfill said that trading activity cooled down last week, with transaction volume of approximately $8 billion, down from $13 billion the previous week.

In last week’s capital inflow situation, U.S. cryptocurrency investment products still dominated the “king of attracting money”, with a net inflow of US$130 million. In comparison, net inflows into cryptocurrency funds in Switzerland and Canada were $36.8 million and $24.6 million respectively. However, digital asset funds in Sweden and Brazil experienced net outflows.

James Butterfill said that Bitcoin-based funds received net inflows of $148 million globally last week, while short Bitcoin products saw a further $3.5 million in outflows, underscoring the investment The atmosphere remains optimistic.

The U.S. spot Bitcoin ETF received a total net inflow of US$170.9 million last week, of which BlackRock's IBIT net inflow reached US$297.8 million, which was enough to offset the net outflow of US$2.606 from the Grayscale GBTC Fund. One hundred million U.S. dollars. Currently, in terms of net asset value under management, IBIT has surpassed GBTC in size and has become the largest Bitcoin spot ETF in the United States.

In addition, after the U.S. Securities and Exchange Commission (SEC) approved the 19b-4 form for eight Ethereum spot ETFs on May 23, the Ethereum ETF product has been the first in a row. There was a net inflow in the second week, an increase of US$33.5 million. However, issuers of Ethereum ETF products still need to wait for their S-1 registration statements to become effective before they can start trading, which may take weeks or even months.

James Butterfill said: "This represents an improvement in investor confidence in this asset, which had experienced net outflows for 10 consecutive weeks, totaling $200 million."

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