Polymarket Opens the Bitcoin Floodgates — and Traders Are Rushing In
Prediction platform Polymarket has expanded its funding options, allowing users to deposit Bitcoin directly — a move that comes as BTC trades near record-breaking levels.
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Crypto Funds Inflows Surge, Setting New Record at $15 Billion
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Crypto funds have witnessed a surge in inflows, reaching an unprecedented $15 billion in 2024. Last week alone, inflows totaled $185 million, contributing to a monthly inflow of $2 billion in May. Despite this positive trend, trading volumes experienced a slight dip, descending to $8 billion compared to $13 billion the previous week.
Bitcoin continues to attract investor confidence, with inflows totaling $148 million. Conversely, short Bitcoin products saw outflows of $3.5 million, indicating sustained positive sentiment among ETF investors.
Image: CoinShares
Buoyed by the SEC's approval of a spot-based ETF slated for launch in July 2024, Ethereum experienced a second consecutive week of inflows. This reversal ended a 10-week streak of outflows totaling $200 million. Ethereum's positive momentum also influenced Solana, which recorded an additional $5.8 million in inflows.
The US dominated the inflow landscape, contributing a net of $130 million. However, established ETF issuers experienced a spike in outflows, totaling $260 million. Switzerland celebrated its second-largest week of inflows for the year at $36 million, while Canada reversed its trend with inflows of $25 million, offsetting a cumulative outflow of $39 million in May.
In contrast to direct investment gains in digital assets, blockchain equities faced challenges, with outflows amounting to $7.2 million last week. This contributed to a total outflow of $516 million this year.
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