In its latest weekly report on cryptocurrency investment fund flows, CoinShares noted that US investors continue to dominate the market and that sentiment towards Bitcoin ETFs remains optimistic.
The digital asset investment firm noted that Bitcoin-based investment funds recorded $148 million in inflows this week and that the United States continues to dominate the market, with almost 88% of fund inflows.
In general, cryptocurrency-based investment products are registering their Fourth week of consecutive fund inflows, racking up $2.000 billion in revenue in the month of May and more than $15.000 billion in revenue so far this year.
Bitcoin and Ethereum dominate fund investments
According to CoinShares, Bitcoin continues to dominate the crypto investment market. However, Ethereum is also experiencing a major shift in investor sentiment, with investors starting to gain greater confidence in the cryptocurrency.
Currently, ether-based investment products are recording their second consecutive week of inflows. According to the firm, Investors have been increasingly motivated to invest in cryptocurrency, since the regulatory approval received by ETH spot ETFs in the United States at the end of last month.
In the last week, ether investment products saw inflows of around $33,5 million.
Source: CoinShares
Investment products that invest in other major cryptocurrencies on the market, such as Chainlink, Solana, XRP, Cardano and Litecoin, also saw inflows this week, although in less significant proportions than those recorded in investment products based on Bitcoin and Ethereum.
Likewise, the digital asset firm reported that Bitcoin short products saw an outflow volume of $3,5 million USD, in the last 7 days.
United States, Switzerland and Canada
The three markets that currently dominate cryptocurrency investment are the United States, Switzerland and Canada, CoinShares noted, taking into account the volumes of fund inflows into these markets over the past week.
In the case of the United States, crypto-asset investment products recorded a total of $130 million in inflows, followed by Switzerland with a total of $36,8 million and Canada with $24,6 million. In fourth and fifth place were Hong Kong and Australia with fund inflow volumes of $1,7 million and $1,4 million, respectively. On the other hand, Germany recorded inflows of $0,5 million, while Brazil and Sweden saw fund outflows of $4,4 million and $5,1 million, respectively.
Australia prepares to open Bitcoin spot ETF market
On June 4, Monochrome Asset Management’s proposed Bitcoin exchange-traded fund, which was quickly filed and approved by the country’s securities regulator in April, will begin trading on CBOE Australia.
There are currently two investment funds based on cryptocurrency futures contracts listed in Australia. However, Monochrome Asset's fund will be the first to offer investors direct exposure to the spot price of Bitcoin and the first to hold holdings in the cryptocurrency.
According to experts, the rapid approval that this Bitcoin-based investment fund received from Australia's financial authorities reflects the country's willingness to position yourself in the growing digital asset marketMonochrome Asset highlighted that by approving the first Bitcoin spot ETF in the country, Australia will enable investors to take advantage of new opportunities in the cryptoasset market, while enjoying the safety and security guarantees established in the Australian Financial Services Licensing (AFSL) regime for holding cryptocurrencies.
Bitcoin spot ETFs have been gaining popularity since receiving regulatory approval from the U.S. Securities and Exchange Commission (SEC) in January. To date, these spot funds have made their way into major global markets, such as Hong Kong and Australia.
