According to CoinShares, “weaker-than-expected macro data in the US” is responsible for the change.
June saw a good start for digital asset investment products, with almost all vendors reporting inflows totaling $2 billion.
In its weekly fund flow report released on June 10, CoinShares noted that investments in its cryptocurrency investment products totaled more than $2 billion. CoinShares reports that the five-week total for digital asset products reached $4.3 billion following early June inflows.
Furthermore, the asset manager revealed that trading volumes for exchange-traded products (ETPs) rose to $12.8 billion in the early week of June, marking a 55% increase compared to the previous week.
Nearly all ETP providers experienced growth
CoinShares noted that during the first week of June, practically all providers of cryptocurrency ETPs experienced inflows in addition to overall outflows. The asset manager noted that this trend was strange and speculated that it may be a reaction to less reliable macrodata. As CoinShares said:
” We believe that this change in attitude is a direct response to U.S. macro data that was weaker than anticipated, which raised expectations for monetary policy rate cuts.”
Positive price action, according to the asset manager, caused the total assets under management (AUM) to surpass $100 billion for the first time since March 2024.
Flows by provider in millions. Source: CoinShares
Just two providers of digital asset investment products—Grayscale Investments and CoinShares XBT—showed withdrawals during the week.
Among the funds that saw inflows, iShares exchange-traded funds (ETFs) saw the most inflows in the US, totaling $948 million, followed by Fidelity ETFs with $680 million.
“Best week” of inflows for Ethereum products
Bitcoin BTC led the ETP category with inflows of $1.97 billion for the week, down $69,401, though ether-based products also set records, with ETH down $3,675. Ethereum investment products saw inflows totaling $69 million for the week, a record high since March, according to CoinShares.
According to asset management, this is likely a response to the recent approval of spot ETFs based on Ether. The Securities and Exchange Commission formally authorized several spot Ethereum ETFs in the United States on May 23.
Altcoin-based exchange-traded funds (ETPs) saw modest activity, with inflows of $1.4 million and $1.2 million shown by the Fantom FTM and XRP tickers, which were down $0.69 and $0.50, respectively.
