May Marks Bullish Resurgence in Crypto Market
The crypto market is witnessing a positive trend this month with an impressive $2 billion in inflows reported for May. Alongside this surge, Ethereum (ETH) has experienced a significant shift in investor sentiment, particularly after the approval of spot exchange-traded funds (ETFs) for the market’s second-largest cryptocurrency by US regulators last week.
Record-Breaking Month For Crypto Products
Research firm CoinShares recently released a report indicating that digital asset investment products have been consistently attracting inflows over the past four weeks, totaling $185 million. May, in particular, proved to be highly successful with inflows surpassing $2 billion, a record-breaking figure. This surge has pushed year-to-date inflows past the $15 billion mark, demonstrating a growing interest among investors in the crypto market.
- United States leads with $130 million net inflow
- Switzerland experiences second-largest weekly inflow of $36 million
- Canada sees $25 million inflow despite $39 million outflow in May
Ethereum Rebounds With $200M Inflows
While Bitcoin (BTC) continues to dominate the market with $148 million in inflows, Ethereum has witnessed a significant change in investor sentiment. This shift follows the approval by the Securities and Exchange Commission of a spot-based ETF for Ethereum, set to launch in July 2024. CoinShares reports a total of $200 million in inflows for Ethereum after enduring ten weeks of outflows. This positive news for Ethereum has also benefited Solana (SOL), attracting an additional $5.8 million in inflows last week.
- Bitcoin attracts $148 million in inflows
- Short-Bitcoin products see outflows of $3.5 million
- Blockchain equities witness $7.2 million outflows in the past week
- Blockchain equities suffer $516 million outflows since the beginning of the year
Crypto Market Update
Despite a 4% price drop in the last week, Ethereum’s current trading price stands at $3,770, retaining a 21% gain over the past 30 days. The crypto market is experiencing significant shifts in investor sentiment and inflows, reflecting a renewed interest and positive outlook towards digital assets.
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