Digital Asset Investment Records $2B Inflows
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The month of May saw digital asset investment products perform remarkably in terms of inflows.
Data from Coinshares shows that digital asset investment recorded its fourth consecutive inflow of $185 million, resulting in a total of $2 billion in Inflows for the month of May.
Digital Asset Investments See $2 Billion Inflows Last Month
Among the digital asset products, bitcoin (BTC) was the top performer, attracting $148 million in inflows. In contrast, short-bitcoin products saw $3.5 million in outflows, indicating positive sentiment among ETF investors. Ethereum (ETH) continued its positive streak with a second week of inflows following the SEC's approval of a spot-based ETF that will launch in July 2024.
This is a significant recovery after a 10-week outflow streak totaling $200 million. Ethereum's resurgence also benefited Solana (SOL), which saw $5.8 million in inflows last week. However, blockchain equities struggled, facing $7.2 million in outflows last week and $516 million year-to-date.
Also, weekly trading volumes decreased, falling to $8 billion from the previous week's $13 billion. Despite some areas of mixed performance, the trend in digital asset investments remains strong, reflecting ongoing investor interest and confidence in the market.
Biden Vetoes Bill to Overturn SEC Crypto Rules
On June 1,President Joe Biden vetoed a congressional resolution seeking to overturn the SEC's Staff Accounting Bulletin 121 (SAB 121). This bulletin mandates that companies holding cryptocurrencies for clients record these assets as liabilities on their financial statements.
Biden made it clear that his administration will not support measures that put the well-being of consumers and investors at risk. This comes after Bitcoin ETFs witnessed a 13-day inflow streak, reaching $49M on May 30, 2024. Grayscale GBTC records zero inflow after two days of notable outflow.
Meanwhile, data from Coinglass recorded that the total liquidation for the crypto market hit $160.71 million on May 30. In addition, long positions of approximately $127.53 million formed the bulk of the liquidations as the market shook off the bearish trend.
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