- Crypto funds had an impressive showing in May 2024.
- The run in May has seen these funds hit a new milestone.
- These crypto funds have gained a new lease on life following the approval of spot crypto funds in the U.S.
A popular saying in finance is “sell in May and go away,” alluding to an investment strategy based on the theory that equities tend to underperform between May and October. While this mantra has been adopted in crypto circles over the years, investors appear to be ditching the strategy this year.
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CoinShares data shows investors accumulated billions in crypto-backed fund shares in May 2024, extending a record year-to-date (YTD) inflow haul.
New Milestone
According to CoinShares’ most recent crypto fund flows report released on Monday, June 3, global crypto asset funds raked in $185 million last week, bringing total net inflows in May to $2 billion and YTD flows past the $15 billion mark for the first time ever.
Source: CoinShares
The recent milestone comes amid a steady rise in inflows in 2024, sparked by the approval of spot Bitcoin ETFs in the U.S. in January and the recent approval of spot Ethereum ETFs in May.
Per CoinShares data, funds tied to Bitcoin saw the bulk of net inflows in May, and last week was no exception, as these funds raked in net inflows of $148 million.
Ethereum came in a close second with $33.5 million. As highlighted by CoinShares, the asset has now recorded significant inflows for a second consecutive week, suggesting a potential sentiment shift after a previous ten-week outflow streak. The shift is undoubtedly influenced by the recent approval of spot Ethereum ETF products in the U.S., even though these products have yet to start trading.
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Beyond Bitcoin and Ethereum, Solana and Chainlink continue to be favored by investors as they recorded net inflows of $5.8 million and $1 million, respectively.
Read this for more on recent crypto fund flows:
Crypto Funds Net Inflows Resume on Bitcoin’s $70,000 Rebound
Stay up to date with the latest in the Matter Labs controversy:
Matter Labs Yields to Backlash, Drops “ZK” Trademark Efforts
