The Crypto Bulls Are Back: Digital Asset Inflows Cross $103 Million In One Week
27 December 2023 - 9:00AM
NEWSBTC
Inflows into crypto investment funds have resumed after a brief
hiatus two weeks ago, as evidenced by CoinShares’s latest analysis.
According to James Butterfill, Head of Research at CoinShares,
digital assets saw a net inflow of $103 million last week, as the
wider crypto industry went through a few days of bullish sentiment.
This is particularly exciting, as it signaled a change from the net
outflows in digital asset investment funds witnessed two weeks
ago. Crypto Fund Inflows Surge To $103 Million Crypto asset
investment funds witnessed a minor net outflow of $16 million two
weeks ago, bringing an end to 11 consecutive weeks of inflows since
September. However, according to a social media post by Butterfill,
these investment funds attracted a $103 million net inflow last
week. As expected, Bitcoin, again, led the charge, attracting 85%
of the total inflow. Bitcoin saw an inflow of $87 million last
week, bringing its total net inflow this year to $1.758
billion. Related Reading: Harmony To See Redemption? Analyst
Predicts Meteoric 650% Rise For ONE Token Ethereum led the altcoin
market with a net inflow of $7.9 million, bringing its total net
inflow this year to $23 million. Solana followed suit with a $6
million net inflow. At the time of writing, Solana’s total inflow
this year stands at $162 million, reflecting the better sentiment
Solana has seen with institutional investors this year. On
the other hand, Litecoin and Avalanche investment products were the
only ones registering a net outflow during the week, with $0.4
million and $2.6 million respectively. In terms of geographical
location, Germany had the most inflows with $41.6 million, Canada
with $25.8 million, USA with $20.4 million, and Switzerland with
$15 million. On the other hand, Sweden had a net outflow of $8.7
million. Total assets under management now stand at $52
billion, representing 31% of the entire crypto market cap of $1.65
trillion. Most of this is traded in the United States, with
US-based investment funds holding $37.8 billion worth of assets
under management. US$103m inflows in digital assets last week, no
report on Monday. Merry Christmas! pic.twitter.com/xAVzCrPPkQ —
James Butterfill (@jbutterfill) December 23, 2023 Total market cap
rises above $1.6 trillion | Source: Crypto Total Market Cap on
Tradingview.com State Of The Market Investment in digital asset
funds is largely tied to the sentiment among the spot market
prices. As a result, the net inflows last week were a mirror of the
price surge led by Bitcoin, with the crypto crossing over $44,000
multiple times during the week. Bitcoin has since corrected and is
now trading at $42,390. Related Reading: Crypto Analyst Predicts
XRP Price Will Hit $1.33 ‘Pretty Fast’ Ethereum’s lead in the
altcoin market has been overshadowed by Solana since October. The
crypto is up by 53% in a 7-day timeframe, hitting a yearly high of
$124.92 on Christmas day. At the time of writing, Solana is trading
at $114. Featured image from Business Insider, chart
from Tradingview.com
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