Last week there were more than $3.4B of inflows into digital asset investment products, the highest of 2025 and the 3rd largest ever. 

Once again BTC dominated with $3.2B of inflows, while ETH had just $183M, pushing its YTD total to $398M. This is particularly interesting because the Pectra upgrade will go live this week, unlocking significantly better UX and network performance. My sense is that the market is not fully aware of the impact of these upgrades, rather than viewing it as a sell the news event. 

Nevertheless, digital assets continue to gain traction as a macro hedge in the face of tariffs and inflation.