From May 18 to 24, inflows into cryptocurrency investment products reached $1.05 billion, marking a positive trend for the third consecutive week. This is according to a report by CoinShares.
Since the beginning of the year, inflows have totaled $14.9 billion. The weekly trading volume of ETP increased by 28% to $13.6 billion.
Clients directed $1.01 billion into Bitcoin-related instruments, following $942 million in the previous reporting period. Structures allowing short positions on the leading cryptocurrency experienced another week of outflows, amounting to $4.3 million.
“[This] suggests that overall sentiment is becoming positive, despite the recent price increases. This is likely because investors interpret the FOMC meeting minutes and recent macroeconomic data as slightly ‘dovish’,” analysts clarified.
The prolonged outflow from Ethereum funds finally reversed with an inflow of $36 million. According to CoinShares, this highest figure since March is an “early reaction to the approval of an ETH-ETF in the US.”
Among altcoins, the most notable inflows were into Solana and Litecoin-based instruments, with $8 million and $2.8 million respectively.
Previously, MicroStrategy founder Michael Saylor noted that 32 exchange-traded funds based on various digital assets have accumulated over 1 Nakamoto (~$70 billion) under management—about 5% of the total Bitcoin supply.
Earlier, JPMorgan described the regulator’s approval of spot Ethereum-ETFs as a political decision ahead of the US presidential elections.