Bitcoin ETF Anticipation Contributes To $151 Mln Inflows In Digital Assets

Kicking off 2024 on a high note, Coinshares’ Digital Asset Fund Flows Weekly Report reveals a robust start with inflows totaling $151 million. Meanwhile, among other assets, Bitcoin takes center stage, witnessing the lion’s share at $113 million, contributing to the cumulative $2.3 billion influx since the Grayscale vs SEC lawsuit.

Notably, as digital assets continue to thrive, let’s delve into the key highlights shaping the landscape of cryptocurrency investments.

Bitcoin Leads the Charge with $113 Million Inflows

In a promising start to 2024, Coinshares’ recent report unveils a substantial surge in digital asset investments, registering an impressive $151 million in inflows during the first week of the year. Bitcoin has emerged as the frontrunner, attracting $113 million and commanding 3.2% of Assets Under Management (AuM) over the past nine weeks.

However, despite anticipations surrounding a potential “buy the rumor, sell the news” scenario with the yet-to-be-launched Spot Bitcoin ETF in the US this week, short-Bitcoin experiences outflows totaling $1 million. Notably, this move contradicts expectations, as the last nine weeks witnessed a noteworthy $7 million exiting short-Bitcoin Exchange Traded Products (ETPs).

On the other hand, Ethereum sees a positive sentiment shift, accumulating $29 million in inflows for the week and $215 million over the past nine weeks, the report showed. In contrast, Solana faces challenges, with outflows totaling $5.3 million at the beginning of the year.

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A Closer Look Into The Report

Diversification is evident in the altcoin space, with notable inflows for Cardano of around $3.7 million, and Avalanche of about $2 million. In addition, Litecoin witnessed an inflow of $1.4 million, according to the report. Notably, the latest Coinshares report suggests that the overall digital asset landscape remains dynamic and resilient.

In addition, blockchain equities witness a promising start to the year, recording $24 million in inflows over the last week. Beyond digital assets, this influx underscores the growing investor interest and confidence in blockchain-related stocks, further contributing to the evolving narrative of the financial markets.

As Bitcoin inflow remains strong, the broader digital asset ecosystem continues to captivate investors worldwide. It’s worth noting that the report has gained notable traction, especially when the market is anticipating a Spot Bitcoin Approval this week.

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Rupam, a seasoned professional with 3 years in the financial market, has honed his skills as a meticulous research analyst and insightful journalist. He finds joy in exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor and crypto journalist at Coingape, Rupam’s expertise goes beyond conventional boundaries. His contributions encompass breaking stories, delving into AI-related developments, providing real-time crypto market updates, and presenting insightful economic news. Rupam’s journey is marked by a passion for unraveling the intricacies of finance and delivering impactful stories that resonate with a diverse audience.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.