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Crypto Funds Draw $151M in First Week of 2024

2024/01/09 02:10

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Crypto funds kick off 2024 with substantial inflows exceeding $150 million in the initial week, driven by anticipation of a potential approval for a spot Bitcoin ETF by the U.S. securities watchdog.

Inflows Dominated by U.S. Exchanges:

U.S. Leads with 55% Inflow

Coinshares' report reveals U.S. exchanges taking the lead in the first week's inflow at 55%, despite the absence of a launched Bitcoin ETF. Germany and Switzerland follow at 21% and 17%, respectively.

Total Inflows Hit $151 Million:

Digital Assets Gain $151M Inflows

According to the latest data, digital asset investment products witness a robust inflow of $151 million in the first week of 2024. This contributes to a cumulative inflow of $2.3 billion since Grayscale's victory over the SEC, representing 4.4% of the total assets under management (AuM) for major asset managers like CoinShares, Grayscale, Bitwise, ProShares, and 21Shares.

Bitcoin Leads Inflows:

Bitcoin-Based Products Top $113M

Bitcoin-based investment products secure the majority share of inflows at $113 million, constituting 3.2% of AuM over the last nine weeks. Ethereum, with $29 million in inflows, brings the total to $215 million over the same period.

Altcoins Experience Varied Performances:

Solana Struggles, While Cardano, Avalanche, and Litecoin Shine

Solana faces outflows of $5.3 million in the first week. Conversely, Cardano, Avalanche, and Litecoin witness notable inflows of $3.7 million, $2 million, and $1.4 million, respectively.

Short-Bitcoin Outflows and Net Impact:

Short-Bitcoin Outflows Reach $1M

The first week sees short-bitcoin outflows of $1 million, contributing to a net outflow of $7 million over the last nine weeks.

Despite overall positive inflows, Solana's early struggle with outflows and short-bitcoin outflows hint at the market's nuanced challenges and potential uncertainties.

Dapatkan pemahaman yang lebih luas tentang industri kripto melalui laporan informatif, dan terlibat dalam diskusi mendalam dengan penulis dan pembaca yang berpikiran sama. Anda dipersilakan untuk bergabung dengan kami di komunitas Coinlive kami yang sedang berkembang:https://t.me/CoinliveSG

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