Robust Start for Coinshares’ Digital Asset Fund Flows
Kicking off 2024 on a high note, Coinshares’ Digital Asset Fund Flows Weekly Report reveals a strong start with inflows totaling $151 million. Bitcoin takes the lead, attracting $113 million and contributing to the cumulative $2.3 billion influx since the Grayscale vs SEC lawsuit.
Bitcoin Leads the Charge with $113 Million Inflows
Coinshares’ recent report shows a substantial surge in digital asset investments, with $151 million in inflows during the first week of the year. Bitcoin attracts $113 million and commands 3.2% of Assets Under Management (AuM) over the past nine weeks.
Contrary to expectations, short-Bitcoin experiences outflows of $1 million, despite the anticipated launch of the Spot Bitcoin ETF in the US this week. The last nine weeks saw significant outflows from short-Bitcoin Exchange Traded Products (ETPs).
Ethereum sees positive sentiment, accumulating $29 million in inflows for the week and $215 million over the past nine weeks. On the other hand, Solana faces challenges with outflows totaling $5.3 million.
A Closer Look Into The Report
Diversification is evident in altcoins, with notable inflows for Cardano ($3.7 million), Avalanche ($2 million), and Litecoin ($1.4 million). The report suggests that the overall digital asset landscape remains dynamic and resilient.
Blockchain equities also have a promising start, recording $24 million in inflows over the last week. This influx highlights growing investor interest and confidence in blockchain-related stocks.
Hot Take: Bitcoin Inflow Remains Strong Amid Anticipation for Spot Bitcoin Approval
As Bitcoin continues to attract significant inflows, the broader digital asset ecosystem remains captivating for investors worldwide. Coinshares’ report gains notable traction, especially with the market anticipating the approval of Spot Bitcoin this week.
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