Crypto Investment Saw $2B in May with Bitcoin Dominating

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As a seasoned crypto investor with several years of experience under my belt, I’m thrilled to see the massive surge in investments in cryptocurrency over the last few weeks. The recent CoinShares report revealing weekly inflows of $185 million and monthly inflows of $2 billion is truly impressive.

As a crypto investor, I’ve noticed an astonishing surge in investments during the last week of May, with a weekly cumulative total reaching $185 million. This trend was further validated by the latest CoinShares “Digital Asset Fund Flows” report published on June 3. The data revealed that monthly investment fund inflows had reached an impressive $2 billion figure. Consequently, the year-to-date capital inflow has exceeded $15 billion.

As an analyst, I’d interpret the data from the perspective that the United States is spearheading the weekly inflows with a contribution of $130 million. However, it’s essential to note that there were also significant outflows from incumbent issers totaling $260 million. Among all assets, Bitcoin (BTC) was the most popular choice for investors, attracting $148 million in weekly investment flows. Conversely, short Bitcoin funds experienced withdrawals of approximately $3.5 million per week.

Ether (ETH) saw a notable resurgence, with weekly investments amounting to approximately $33.5 million and monthly inflows exceeding $21.6 million as of now. This shift in investor attitude may be attributed to the long-awaited approval of Ether exchange-traded funds (ETFs) in the United States.

In addition to Ethereum, Solana’s SOL exhibited consistent growth. The value of its weekly inflows amounted to around $5.8 million, while its monthly gains reached roughly $24.8 million.

In May, despite the generally favorable market conditions, multi-asset funds experienced withdrawals totaling $2.7 million on a weekly basis and $12.2 million on a monthly basis.

On May 23, 2024, the approval of Ether Exchange-Traded Funds (ETFs) caused a significant ripple effect in the market. Over $3 billion in Ethereum has since been transferred out of centralized exchanges, increasing apprehensions about potential supply shortages as exchange balances reached their lowest levels in years.

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2024-06-04 02:44