According to CoinShares, ether drove the $286 million net inflows to cryptocurrency ETPs last week, while $8 million was pulled out of Bitcoin investment products.
Last week, cryptocurrency investment products continued their multi-week inflow trend in spite of strong selling pressure brought on by Bitcoin's decline to $103,000.
According to CoinShares' June 2 report, global cryptocurrency exchange-traded products (ETPs) saw $286 million in inflows in the week ending May 30, bringing the total inflows to $10.9 billion over the previous seven weeks.
Despite the inflows, market volatility brought on by concern about US tariffs caused total assets under management (AUM) to drop from the all-time high of $187 billion to $177 billion by the weekend, according to James Butterfill, head of research at CoinShares.
According to CoinGecko data, Bitcoin fell almost 6% from $110,000 last Monday to an intraweek low of $103,400 by May 30. This was when the new inflows occurred.
Ether ETPs drive inflows
With $321 million in inflows, ether ETPs dominated last week's crypto ETP purchases, which was the biggest run since late December 2024 and showed a notable recovery in mood.
After a significant flow reversal following a New York court ruling declaring US tariffs unconstitutional, Bitcoin ETPs suffered outflows of $8 million, according to Butterfill.
With $28 million in outflows, XRP investment products saw the most outflows last week. According to Butterfill, the withdrawals signaled XRP's second consecutive week of losses.
Despite BTC ETF withdrawals, iShares ETFs saw the largest inflows.
Despite significant withdrawals from Bitcoin ETFs at the end of the week, BlackRock's iShares ETFs led issuer inflows last week.
CoinShares reports that inflows into iShares ETFs totaled $790 million, with year-to-date inflows reaching $12.4 billion. Simultaneously, iShares' AUM decreased from $74.8 billion the week before to $72.9 billion last week, indicating a decline in Bitcoin ETFs.
The cryptocurrency investment products offered by ARK Invest and 21Shares experienced the most losses among issuers last week, with $282 million in losses, bringing the year-to-date outflows to $22 million.
Profit-taking and Bitcoin's seasonal downturn
Following six weeks of robust inflows into BTC products, the flow reversal in Bitcoin ETPs occurred last week. The new losses were ascribed to a variety of causes that contributed to the general downturn of the cryptocurrency markets.
Cryptocurrency prices have traditionally performed inconsistently in June, indicating possible seasonal weakness, according to Cointelegraph Markets.
According to earlier reports, some investors have been profiting from Bitcoin's recent price declines, with long-term investors covertly profiting on the cryptocurrency's surge past $110,000.
Strong ETH futures markets and increasing network characteristics have led to an increase in ether ETPs.
A protracted stretch of bearishness that compelled some trading firms to abandon ETH support in early May and treat it "like a memecoin" was followed by Ether's recent surge. However, several ETH enthusiasts conjectured that the asset's May dip represented its bottom, suggesting a possible reversal of the downward trend.
By the time of publication, Ether was down from $2,771 on May 28 to $2,486, according to CoinGecko. In the last 30 days, the value of the cryptocurrency has increased by 36%.
