Crypto funds record over $100 million in inflows:
- During the first week of 2024, cryptocurrency investment products recorded inflows totaling $151 million.
- Bitcoin-based funds dominated with inflows of $113 million.
- Ethereum investment products also recorded over $29 million.
Crypto funds record significant cash inflows
The year 2024 began with a strong interest in cryptocurrency investment products, as highlighted by a recent report from CoinShares. Crypto funds managed by companies such as Bitwise, Grayscale, ProShares, and 21Shares experienced significant inflows, totaling $151 million.
A large portion of these inflows, amounting to $113 million, was recorded in Bitcoin (BTC) funds, reflecting the growing anticipation of the potential imminent approval of Bitcoin spot ETFs by the SEC.
This movement is particularly noteworthy as US exchanges accounted for 55% of these inflows, despite the absence of Bitcoin spot ETF products in the country.
$29 million recorded by Ethereum (ETH) funds
In addition to Bitcoin, other cryptocurrencies have also attracted investment interest. Ether-based products received over $29 million, marking a turnaround after weeks of negative sentiment.
This development suggests that investors may be anticipating the approval of an Ethereum spot ETF in the United States later this year. Furthermore, funds based on other cryptocurrencies such as Cardano, Avalanche, and Litecoin also recorded positive inflows.
However, Solana-based products started the year with net outflows following a more than 10% decline in Solana’s value.
As a reminder, the SEC’s decision on the approval or rejection of Bitcoin Spot ETFs is expected in the coming days.
