In May, continuous weekly inflows into digital asset investment products have set a year-to-date record of $14.9 billion, marking the third consecutive week of such inflows.

According to CoinShares' latest weekly report, the majority of these inflows went into bitcoin exchange-traded products, with $1.01 billion entering these ETPs last week. CoinShares suggests that sentiment is becoming increasingly positive despite recent price increases, possibly due to investors interpreting the FOMC minutes and recent macroeconomic data as somewhat dovish.

Ethereum also benefited from the unexpected approval of ether exchange-traded funds in the United States, witnessing $36 million in inflows for the week.

CoinShares highlighted a general trend of rising crypto prices, pushing total digital asset ETPs to $98.5 billion. Additionally, weekly ETP trading volumes surged by 28% to $13.6 billion.

The majority of these flows were concentrated in the U.S., where Grayscale observed a significant reduction in outflows, dropping to just $15 million for the week. Notable inflows were also seen in Germany and Switzerland, while Hong Kong spot bitcoin ETFs experienced outflows of $29 million.