Global digital asset investment products experienced their fourth consecutive week of inflows, totaling $185 million, according to CoinShares’ weekly report.

The report highlighted that these inflows brought May’s total to $2 billion and pushed the year-to-date inflows to over $15 billion for the first time. However, trading volume decreased to $8 billion from $13 billion the previous week.

Bitcoin Dominates, U.S. Leads

Investor interest in Bitcoin remains strong, with BTC driving the majority of flows into crypto investment products. Last week, Bitcoin recorded inflows of $148 million, while short BTC products saw outflows of $3.5 million.

The U.S. led regionally with $130 million in inflows, despite a $260 million outflow from Grayscale’s GBTC. Additionally, spot Bitcoin ETFs from BlackRock and Fidelity saw significant inflows totaling $475 million during this period.

Switzerland recorded its second-largest inflows of the year with $36 million, and Canada, rebounding from previous outflows, contributed $25 million in inflows despite a net monthly outflow of $39 million. Hong Kong managed to reverse its outflow trend, recording modest inflows of $1.7 million last week.

Ethereum ETF Approval Boosts Investor Sentiment

Crypto products related to Ethereum saw their second consecutive week of inflows, with $34.5 million invested. Last week, ETH achieved its highest inflows since March, at $36 million. CoinShares attributed this positive shift to the SEC’s approval of 19b-4 filings for several spot Ethereum ETFs. Before this approval, ETH had experienced 10 weeks of outflows totaling $200 million.

Experts predict that Ethereum ETFs could start trading as early as July, although Bloomberg ETF analyst James Seyffart noted there is no definitive timeline due to pending S-1 filings approvals by the financial regulator.

Positive sentiment towards Ethereum also extended to other large-cap altcoins like Solana, which saw $5.8 million in inflows. Other assets such as Chainlink, XRP, and Litecoin recorded minor inflows of less than $1 million.