Author: James Butterfill (Head of Research at CoinShares)

Translation: Deep Tide TechFlow

Deep Tide Introduction: CoinShares' latest weekly report shows that global crypto investment products recorded a net inflow of $857.9 million last week, continuing a positive flow for the sixth consecutive week, marking the highest weekly inflow since April 24. The direct catalyst was the final compromise text of the stablecoin revenue provisions of the CLARITY Act, combined with Bitcoin's return above $80,000. Funds in the U.S. market surged from $47.5 million the previous week to $776.6 million. Participation in altcoins also increased, with ETH, SOL, and XRP all recording net inflows.

The progress of the CLARITY Act is the core variable in this week's funding

Global crypto investment products saw a net inflow of $857.9 million last week, marking six consecutive weeks of positive flow and also the largest weekly inflow since April 24. CoinShares' head of research, James Butterfill, directly attributed this acceleration to the legislative progress of the CLARITY Act.

The timeline is clear: On May 1, Senators Tillis and Alsobrooks released the final compromise text of the stablecoin revenue provisions; on May 4, they resisted lobbying pressure from the banking industry and maintained a firm stance on the compromise plan. The formal review (markup) by the Senate Banking Committee is expected to take place this week.

Bitcoin surpassed $80,000 on Monday, reaching a new high since the pullback in February. The total assets under management (AUM) rose to $160 billion.

Figure Caption: Weekly capital flow of global crypto assets, source: CoinShares

The influx of U.S. funds far exceeds the previous week

In terms of regional distribution, the U.S. dominated with a net inflow of $776.6 million, a significant increase compared to $47.5 million the previous week.

Europe also showed improvement. Germany recorded $50.6 million, slightly higher than the previous week; Switzerland saw $21.1 million, and the Netherlands had $5 million. Butterfill believes this indicates that as buying pressure returns to the U.S., there is also broader participation in Europe.

Figure Caption: Capital flow categorized by listing country, source: CoinShares

BTC leads, short positions accelerate liquidation

Bitcoin products absorbed $706.1 million last week, with a cumulative inflow of $4.9 billion year-to-date.

One notable signal: Short Bitcoin products experienced a net outflow of $14.4 million last week, the largest single-week outflow since 2026. This indicates that hedge positions are being unwound, and institutional confidence in the rebound is increasing.

Altcoins are recovering across the board, with ETH reversing the previous week's outflow

Ethereum products saw a net inflow of $77.1 million, completely reversing the previous week's outflow of $81.6 million. Solana recorded $47.6 million, and XRP $39.6 million, both showing a significant acceleration compared to recent activity levels.

The only category showing a notable outflow was multi-asset products, which had a net outflow of $5.5 million.

Figure Caption: Weekly capital flow categorized by asset class, source: CoinShares

Figure Caption: Details of asset capital flow, source: CoinShares

Figure Caption: Management asset scale ranked by specific assets, source: CoinShares