Author: James Butterfill (Head of Research at CoinShares)
DeepFlow Tech
DeepOcean Summary: CoinShares’ latest weekly report shows that global crypto investment products recorded net inflows of $857.9 million last week, marking the sixth consecutive week of positive flows and the highest weekly inflow since April 24. The immediate catalyst was the finalization of compromise language on the stablecoin yield provisions of the CLARITY Act, combined with Bitcoin rebounding above $80,000, causing U.S. market inflows to surge from $47.5 million the previous week to $776.6 million. Altcoin participation also increased, with ETH, SOL, and XRP all recording net inflows.
The progress of the CLARITY Act is the key variable for market liquidity this week.
Last week, global crypto investment products saw net inflows of $857.9 million, marking the sixth consecutive week of positive inflows and the largest weekly inflow since April 24. James Butterfill, Chief Research Officer at CoinShares, attributed this acceleration directly to legislative progress on the CLARITY Act.
The timeline is clear: On May 1, Senators Tillis and Alsobrooks released the final compromise text on stablecoin yield provisions; on May 4, they resisted pressure from the banking industry and stood firm on the compromise. A formal markup by the Senate Banking Committee is expected this week.
Bitcoin broke $80,000 on Monday, reaching a new high since its February pullback. Total assets under management (AUM) rose to $160 billion.
Caption: Weekly global cryptocurrency fund flows, source: CoinShares
The inflow of U.S. funds far exceeds that of the previous week.
In terms of regional distribution, the United States dominated with a net inflow of $776.6 million, a dramatic rebound from $47.5 million in the previous week.
Europe also showed improvement. Germany recorded $50.6 million, slightly higher than the previous week; Switzerland recorded $21.1 million, and the Netherlands recorded $5 million. Butterfill believes this indicates broader participation in Europe alongside the return of buying activity in the United States.
Caption: Capital flows by listing country, source: CoinShares
BTC leads the way as short positions are rapidly closed.
Bitcoin products attracted $706.1 million last week, bringing the year-to-date inflow to $4.9 billion.
A signal worth examining: Short-bitcoin products saw a net outflow of $14.4 million last week, the largest weekly outflow since 2026. This indicates that hedge positions are being unwound, and institutional confidence in a rebound is growing.
Altcoins are rebounding across the board, with ETH experiencing outflows in the week prior to its reversal.
Ethereum products saw a net inflow of $77.1 million, completely reversing the $81.6 million net outflow from the previous week. Solana recorded $47.6 million, and XRP recorded $39.6 million, both showing a significant acceleration compared to recent activity levels.
The only category with a notable outflow was multi-asset products, with a net outflow of $5.5 million.
Caption: Weekly fund flows by asset class, source: CoinShares
Caption: Detailed fund flows for each asset, source: CoinShares
Caption: Assets under management ranked by specific asset, source: CoinShares