According to CoinShares, United States-based crypto investment funds have recorded over $7.5 billion in inflows year-to-date (YTD), fully recovering from the nearly $7 billion in outflows seen during February and March. According to a May 19 report by digital asset manager CoinShares, the latest weekly inflow totaled $785 million, marking the fifth consecutive week of net positive flows.
Bitcoin and Ethereum Lead Inflows Amid Renewed Market Confidence
The majority of last week’s inflows were directed toward Bitcoin (BTC) products, which attracted $557 million, followed by Ethereum (ETH) products with $205 million. The recent increase in ETH inflows—its highest since March—coincided with the successful implementation of the Pectra upgrade, which went live on May 7 and introduced features such as higher staking limits and account abstraction through EIP-7702.
Ethereum’s YTD inflows now exceed $575 million. CoinShares attributes this renewed interest to both technical improvements and the appointment of Tomasz Stańczak as co-executive director of the Ethereum Foundation.
Geographical Breakdown: US Dominates Inflows, Followed by Germany and Hong Kong
The United States accounted for the bulk of recent inflows, contributing $681 million, followed by Germany with $86.3 million and Hong Kong with $24.4 million. The report notes that Hong Kong's inflow is its highest since November 2024.
The shift in sentiment followed the White House’s May 12 announcement of a 90-day pause on new tariffs, which led to a notable 24% cut in U.S.-China import tariffs. The market reaction was swift: the following day, Coinbase recorded a withdrawal of 9,739 BTC, valued at over $1 billion, marking the largest net outflow from the exchange in 2025. Analysts suggest this move may signal growing institutional appetite for long-term holdings.
Bitcoin ETF Market Recovers from Q1 Outflows
Spot Bitcoin ETFs in the U.S. also saw a substantial rebound. After registering $3.56 billion in outflows in February and $767 million in March, these ETFs absorbed $2.64 billion in May alone, according to SoSoValue data. While inflows moderated compared to previous weeks, demand remains robust despite the Federal Reserve’s continued hawkish tone on interest rates.
Meanwhile, short Bitcoin products recorded their fourth consecutive week of inflows, suggesting some investors are maintaining hedging strategies or anticipating short-term volatility.
Solana Sees Modest Outflows Amid Broader Market Recovery
Among major altcoins, Solana (SOL) investment products were the only category to experience net outflows last week, with $890,000 withdrawn. This contrasts with broader market trends, as most crypto investment products recorded net gains.
