Crypto Fund Inflows Hit $2B in May, Led by Bitcoin

In May, digital asset funds saw a surge in inflows, reaching $2 billion. Bitcoin dominated weekly inflows with $148 million, indicating bullish investor sentiment. Ether also experienced positive inflows, with $33.5 million in the final week of May. Solana's SOL exhibited strong performance with inflows of $5.8 million for the week and $24.8 million monthly. Despite the positive inflows, multi-asset funds performed poorly, recording outflows of $12.2 million in May. The approval of Ether ETFs in the United States on May 23, 2024 led to $3 billion in ETH being withdrawn from centralized exchanges, potentially creating a supply shock in the future.