CoinShares' latest report reveals that global crypto investment products offered by asset managers like Ark Invest, Bitwise, BlackRock, Fidelity, Grayscale, ProShares, and 21Shares witnessed net inflows totaling $2 billion in the first week of June.

This marks the fifth consecutive week of positive inflows, matching the total inflows for the entire month of May. The five-week streak has amounted to $4.3 billion in inflows, pushing assets under management above the $1 billion mark for the first time since March. CoinShares' Head of Research, James Butterfill, notes a significant increase in trading volume, which reached $12.8 billion, up by 55% from the previous week.

Butterfill attributes this turnaround in sentiment to weaker-than-expected macroeconomic data in the U.S. The U.S. market accounted for $1.98 billion of last week’s net inflows, driven by the record streak of spot Bitcoin exchange-traded funds (ETFs) in the country, now spanning 19 trading days and totaling over $4 billion. BlackRock’s IBIT spot Bitcoin ETF alone attracted nearly $1 billion in inflows last week, surpassing 300,000 BTC in assets under management (AUM) and now accounting for over $21 billion in assets.

The U.S. spot Bitcoin ETFs collectively generated $1.8 billion in net inflows last week, with global Bitcoin investment products adding $1.97 billion. This influx of funds absorbed more than two months of new bitcoin mining supply, highlighting the significant demand for Bitcoin investment products.

Despite the substantial inflows, Bitcoin's price action remained relatively flat last week. Bloomberg ETF analyst Eric Balchunas attributes this to selling pressure from other Bitcoin holders rather than the ETF activity. Ethereum-based investment products, however, witnessed their best week of net inflows since March, adding $69 million. This surge in Ethereum investments is likely a response to the Securities and Exchange Commission's (SEC) decision to allow spot Ethereum ETFs in the U.S.

Bitcoin's price has seen a 0.5% increase over the past week, currently trading at $69,396, while Ether is down 3.8% at $3,670. The GMCI 30, representing a selection of the top 30 cryptocurrencies, is down 1% during the same period at 141.87.