Ethereum-based investment products see inflows for second consecutive week

Digital asset products attracted $2 billion in inflows last week, which increased three-week inflows to $5.5 billion and lifted year-to-date inflows to $5.6 billion. Total assets under management climbed to a 10-week high of $156 billion, according to a CoinShares report on Monday.

U.S.-based funds accounted for most of the patronage, some $1.9 billion. Germany, Switzerland, and Canada also contributed modest flows in a signal of “broad supportive sentiment” for cryptocurrencies, Butterfill wrote.

Ethereum-based investment products recorded positive flows for the second week in a row and brought in $149 million between April 27 and May 2. Funds underpinned by ether now boast $336 million in inflows since late last month. XRP and tezos notched the most notable influx after ETH, with $10.5 million and $8.2 million each, while Solana products shed $6 million. Elsewhere, blockchain equities saw $15.9 million in net inflows from investors.

Same old, same old for bitcoin

Meanwhile, bitcoin continued its spot crypto product dominance from last week. “As usual, Bitcoin was the prime beneficiary, seeing $1.84 billion inflows,” per CoinShares’ Head of Research.

Once again, funds located within the U.S. led the pack last week and noted $1.8 billion in net inflows. This extended bullish flows into spot BTC ETFs issued by the likes of BlackRock and Fidelity to a third consecutive week. Bitcoin traded down 1.5% before the U.S. market opened, changing hands around $94,051 according to The Block’s price page.