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Bitcoin ETF (exchange-traded fund) fever helped crypto investment products attract $151 million in inflows during the first week of 2024.
Bitcoin-based funds attracted the lion’s share of the inflows with $113 million, CoinShares said. The report records inflows to crypto funds at asset managers like CoinShares, Bitwise, Grayscale, ProShares, and 21Shares,
🟢 2024 is off to a strong start, with US$151 million in inflows! Total inflows since the Grayscale vs SEC lawsuit now stand at US$2.3 billion.
Notable asset inflows include:$BTC: US$113m inflows$ETH: US$29m inflows$ADA: US$3.7m inflows$AVAX: US$2m inflows$LTC: US$1.4m… pic.twitter.com/9wfshmqxsB
— CoinShares (@CoinSharesCo) January 8, 2024
US Attracted Most Crypto Inflows
From a regional standpoint, 55% of the total funds came from US-based exchanges. Germany and Switzerland accounted for 21% and 17% of inflows, respectively.
Besides Bitcoin, Ethereum investment products also added inflows worth $29 million, bring its total inflows to $215 million over nine weeks. CoinShares head of research James Butterfill attributes this to a shift in market sentiment and says the uptick comes as the market anticipates an Ether ETF shortly after Bitcoin ETFs start trading.
Cardano (ADA), Avalanche (AVAX), and Litecoin (LTC) are among the other large market-cap altcoins that also recorded inflows. They registered $3.7 million, $2 million, and $1.4 million of inflows respectively.
As the market shifts focus from SOL to ETH, Solana products recorded $5.3 million in outflows during week one of 2024, when SOL’s market value slumped 10%. SOL had pumped so hard in December that it threatened to displace BNB as the fourth-largest crypto by market cap.
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- 3 Altcoins Poised to Follow Solana’s Explosive Growth in 2024 – AVAX, DOT, and LINK
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