Cryptocurrency funds have experienced six consecutive weeks of net inflows, with the CLARITY Act driving $858 million in capital inflows

Author: James Butterfill (Head of Research at CoinShares)

Translation: Deep潮 TechFlow

Deep潮 Guide: CoinShares’ latest weekly report shows that global crypto investment products saw a net inflow of $857 million last week, marking the sixth consecutive week of positive flow and the highest weekly inflow since April 24. The direct catalyst was the implementation of the compromise text for the CLARITY Act’s stablecoin yield provisions, combined with Bitcoin returning above $80k. US market funds surged from $47.5 million the previous week to $776.6 million. Altcoin participation also expanded, with ETH, SOL, and XRP all recording net inflows.

Progress of the CLARITY Act is the key variable for capital flow this week

Global crypto investment products had a net inflow of $857 million last week, six consecutive weeks of positive flow, and the largest weekly inflow since April 24. CoinShares Research Director James Butterfill directly attributes this acceleration to legislative progress on the CLARITY Act.

The timeline is clear: on May 1, Senators Tillis and Alsobrooks released the final compromise text for the stablecoin yield provisions; on May 4, the two resisted banking industry lobbying pressure, maintaining the compromise plan intact. The official markup by the Senate Banking Committee is expected to take place this week.

Bitcoin broke above $80k on Monday, reaching a new high since the February correction. Total assets under management (AUM) rose to $160 billion.

Caption: Weekly capital flows in global crypto assets, source: CoinShares

US capital inflow far exceeds the previous week

Regionally, the US dominated with $776.6 million in net inflows, a sharp rebound from $47.5 million the previous week.

Europe also showed signs of recovery. Germany recorded $50.6 million, slightly higher than the previous week; Switzerland $21.1 million; the Netherlands $5 million. Butterfill believes this indicates that, alongside the return of US buyers, Europe is also seeing broader participation.

Caption: Capital flows by country of listing, source: CoinShares

BTC leads, short positions accelerate liquidation

Bitcoin products absorbed $706.1 million last week, with a total inflow of $4.9 billion so far this year.

A noteworthy signal: short Bitcoin products saw a net outflow of $14.4 million last week, the largest weekly outflow since 2026. This indicates hedge positions are being unwound, and institutional confidence in a rebound is strengthening.

Altcoins rebound across the board, ETH reverses last week’s outflow

Ethereum products recorded a net inflow of $77.1 million, completely reversing last week’s net outflow of $81.6 million. Solana saw $47.6 million, XRP $39.6 million, both significantly faster than recent activity levels.

The only category with notable outflows was multi-asset products, with a net outflow of $5.5 million.

Caption: Weekly capital flows by asset class, source: CoinShares

Caption: Details of capital flows by asset, source: CoinShares

Caption: Asset management scale ranked by specific assets, source: CoinShares