Joshua de Vos, Research Lead, CoinDesk, writes that May marked a continuation of strong inflows into digital asset investment products, with USD7.33 billion entering the market, according to TrackInsight data.
This figure more than doubled April’s USD3.45 billion, reflecting rising institutional interest amid easing macro conditions and improving liquidity across the digital asset landscape.
The CoinDesk 20 Index (CD20) rose 12.3 per cent, closing the month at 2,726.7. The strong performance underscored broad-based demand for large-cap cryptoassets, particularly bitcoin and Ether, as investors repositioned around key technical and market developments. Notably, WisdomTree’s CoinDesk 20 ETP, benchmarked to the index, recorded USD400,000 in net inflows, adding to the growing footprint of diversified multi-asset products in Europe.
Bitcoin-linked products remained the primary vehicle for inflows, drawing USD6.27 billion in net subscriptions and accounting for more than 85 per cent of the total. Average daily volume increased to USD3.51 billion, up from USD3.32 billion in April.
Ether stood out as the best performer in May. Ether-based products attracted USD822 million in inflows and saw a significant rise in trading volume to USD51.1 million. ETH gained nearly 41 per cent during the month and outperformed bitcoin by 27 per cent. A single-day surge of 21.8 per cent on May 8 marked its strongest daily return since May 2021, driven by renewed investor enthusiasm following the successful deployment of the Pectra upgrade. Proposals such as EIP-7702, which introduced a path toward account abstraction, along with validator UX and scalability improvements, contributed to the renewed interest.
Altcoin ETPs recorded more subdued activity. Solana and XRP products saw net outflows of USD17.5 million and USD29.7 million respectively, reversing the momentum seen in April and reflecting a shift in focus back toward bitcoin and Ether.
The iShares Bitcoin Trust ETF continued to lead among products, pulling in USD6.6 billion and accounting for 96.2 per cent of flows across the top 10. Other notable inflows included Fidelity’s Wise Origin Bitcoin Fund with USD415 million, ARK 21Shares Bitcoin ETF with USD352 million, and Grayscale’s Bitcoin Mini Trust ETF with USD146 million. The Volatility Shares 2x Ether ETF also gained traction, attracting USD107 million.
Regionally, the United States remained dominant, contributing USD6.86 billion in flows and nearly 90 per cent of total trading volume. Canada followed with USD305 million in inflows, while Switzerland and Germany maintained steady interest. The Americas captured over 94 per cent of flows, with Europe and APAC continuing to support activity at a more modest scale.
USD-denominated products continued to dominate, accounting for 94.2 per cent of total trading volume. Minor inflows were seen in CAD and AUD products, while SEK, EUR, and XRP-denominated funds experienced outflows. CHF- and NZD-linked ETPs remained negligible.
Looking ahead, digital asset ETPs enter June following one of their strongest months year-to-date, led by consistent participation in bitcoin products and a sharp resurgence in Ethereum demand. Aggregate inflows, increased trading volumes, and renewed activity across major providers highlight ongoing engagement from both institutional and retail investors.
Data Sources:
TrackInsight (All ETF and ETP Data): https://www.trackinsight.com/services/data-services
CoinDesk (XBX, CD20, CD80, Centralised Exchange Data): https://indices.coindesk.com/indices; https://www.coindesk.com/price
Disclaimer: TrackInsight considers flows from an ETF’s perspective, treating the fund’s first AUM upon listing as its initial inflow, which may differ from other sources that account for pre-listing activity or conversions.
