US leads $2 billion May crypto inflow while Ethereum ETF sparks investor interest

Global digital asset investment products recorded their fourth consecutive week of inflows, totaling $185 million, according to CoinShares’ weekly report.

The report stated that these inflows pushed May’s total to $2 billion, bringing the year-to-date inflows to over $15 billion for the first time. However, trading volume dropped to $8 billion from $13 billion the previous week.

Bitcoin, US leads

Investors’ interest in BTC remains largely positive as Bitcoin continues to drive the flows in crypto investment products. During the past week, the flagship digital asset recorded inflows totaling $148 million, while short BTC products saw outflows of $3.5 million.

Regionally, the US maintained its lead with $130 million in inflows despite a $260 million outflow from Grayscale’s GBTC. During the period, spot Bitcoin ETFs from BlackRock and Fidelity recorded significant inflows totaling $475 million.

Meanwhile, Switzerland saw its second-largest inflows of the year, amounting to $36 million. Canada, recovering from the previous weeks’ outflows, contributed $25 million in inflows despite a net monthly outflow of $39 million.

Remarkably, Hong Kong has been able to stem its outflow trend, recording modest inflows of $1.7 million last week.

Ethereum ETF approval turns investor sentiment

Meanwhile, crypto-products related to Ethereum have seen their second consecutive week of inflows, with investors pouring $34.5 million into these financial instruments. Last week, ETH saw its highest inflows at $36 million since March.

CoinShares attributed this turnaround to the Securities and Exchange Commission’s (SEC) decision to approve the 19b-4 filings of several spot Ethereum ETF products. Before this approval, ETH was on a 10-week run of outflows totaling $200 million.

Several experts have predicted that the Ethereum ETFs could begin trading as early as July, but Bloomberg ETF…