Digital asset manager CoinShares says Bitcoin (BTC) and the rest of the cryptocurrency markets are seeing a positive start to the new year amid growing interest from institutional investors.
In its latest report on digital asset fund flows, CoinShares found that institutions are pumping capital into cryptocurrencies before receiving BTC spot exchange-traded fund (ETF) approval from the US Securities and Exchange Commission (SEC).
“Digital asset investment products saw inflows totaling $151 million in the first week of 2024, bringing total inflows since the Grayscale v. SEC lawsuit to $2.3 billion, representing 4.4% of total assets under management (AuM). ).
Although spot ETFs have not yet launched in the US, 55% of inflows came from US exchanges, while Germany and Switzerland saw 21% and 17% respectively.
The company says Bitcoin received the lion's share of inflows of $113 million, far more than short Bitcoin products, suggesting that institutional investors believe the SEC will greenlight an ETF.
“Bitcoin saw the lion's share of inflows at $113 million, with total inflows over the past nine weeks representing 3.2% of assets under management. Conversely, short Bitcoin saw outflows for the first week of the year totaling 1 million USD If many truly believed that the launch of an ETF in the US would be a “buy the rumor, sell the news” event, then surely we would expect to see inflows into Bitcoin ETFs (exchange-traded products), rather than Of this, outflows over the past nine weeks amounted to US$7 million.
Altcoins have also had a good start to the year, according to CoinShares. Ethereum (ETH) brought in nearly $30 million, while Cardano (ADA), Avalanche (AVAX), and Litecoin (LTC) brought in $3.7, $2, and $1.3 million, respectively.
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