Bitcoin and Ethereum investment funds continue to draw a flood of capital as excitement builds for upcoming ETH spot ETFs in the United States.

Global Bitcoin investment funds saw net inflows totaling $148 million last week, according to a Monday post from CoinShares, while short Bitcoin products experienced outflows of $3.5 million.

Meanwhile, Ethereum funds absorbed $33.5 million, marking a second consecutive week of inflows following several months of little to no net activity for the asset.

“This represents a turnaround in investor sentiment in an asset that had seen a 10-week run of outflows prior, totaling $200 million,” the asset manager explained. The news also boosted Solana’s inflows last week to $5.8 million, now that potential ETFs for Solana and other altcoins appear to be on the table.

While most inflows across the board came from the United States, substantial crypto flows were also seen in Canada and Switzerland, where Ethereum's institutional dominance next to Bitcoin is relatively high.

Experts expect Ethereum ETFs to go live in July, with the potential to draw in about 20% of the same demand as Bitcoin ETFs. “Grabbing 20% of what they got would be a huge win/successful launch by normal ETF standards,” Bloomberg ETF analyst Eric Balchunas wrote last week.

In total, inflows of crypto investment funds worldwide took in $185 million last week, bringing their tally above $15 billion year to date. Volume on the week was $8 billion, down from $13 billion the week prior, per CoinShares.

As usual, most inflows went to the largest new Bitcoin spot ETFs, with BlackRock and Fidelity’s funds soaking in $297 million and $176.98 million respectively. That said, “incumbent” ETF issuers saw net outflows of $260 million, virtually all of which came from the Grayscale Bitcoin Trust (GBTC).

Last week marked a pivotal moment for GBTC, with the long-standing fund losing its status as the world’s largest Bitcoin ETF to BlackRock, whose product charges a much lower management fee. Other incumbent ETFs worldwide have also lost big since BlackRock entered the picture, with European funds experiencing $500 million in outflows since the start of the year.

As of May 27, Bitcoin spot ETFs also crossed the threshold of controlling 1 million BTC under management.

Edited by Ryan Ozawa.