Digital asset investment products saw a 616% increase in inflows, reaching $932 million last week, as reported by CoinShares. This marks the second week of inflows this month, matching the high levels seen earlier this year.

James Butterfill, CoinShares' head of research, attributed the substantial inflows to the "lower-than-expected CPI report," noting that 89% of the total flows occurred in the latter three days of the week, indicating a renewed correlation between Bitcoin prices and interest rate expectations.

Despite significant inflows, trading volumes remained low, with only $10.5 billion for the week compared to $40 billion in March.

In the US, spot Bitcoin ETFs continued to perform well, with inflows exceeding $1 billion. Grayscale's Bitcoin ETF GBTC saw a rare inflow of $18 million. Since the SEC approved trading for these ETFs in January, GBTC has faced over $16 billion in outflows due to competition from cheaper alternatives like BlackRock's IBIT and Fidelity's FBTC.

New ETFs in Hong Kong, however, have not attracted as much interest, with $83 million withdrawn from crypto-related investments in the region.

Ethereum-based digital asset products experienced their second week of outflows, totaling $23 million, bringing the month's outflows to $47 million. Butterfill suggested bearish sentiment regarding the potential approval of a spot Ethereum ETF in the US as the cause. The SEC's decision on applications from VanEck and ARK Invest is expected by May 23 and 24, but approval is considered unlikely by industry experts.

Meanwhile, altcoin investment options like Solana, Chainlink, and Cardano saw inflows of $4.9 million, $3.7 million, and $1.9 million, respectively.