Cryptocurrency Institutional Funds Record $151 Million Inflows in First Week of 2024
Digital assets investment funds recorded $151 million in inflows in the first week of 2024 as institutional investors drive adoption following anticipation of a spot Bitcoin (BTC) ETF approval by the Securities and Exchange Commission (SEC).
A new CoinShares Digital Asset Fund Flow report shows that the market continues with bullish sentiments as asset prices surged in the early days of the year before being faced with a slight market correction.
A good start to 2024, with US$151m inflows in to digital asset ETPshttps://t.co/sjLjGc8cVc
— James Butterfill (@jbutterfill) January 8, 2024
According to the report, crypto investment products notched $151 million in gains in the past seven days bringing the total inflows to $2.3 billion since the landmark Grayscale victory over the SEC.
The ETF optimism that dominated industry narratives persists with multiple developments springing around stakeholders as firms make final adjustments to their filings, onboard new partners, and renew their bullish stance.
Predominantly, the Matrixport report towards the end of the year projecting a $50,000 Bitcoin price at the end of January ignited investors for a potential uphill run. As the price of Bitcoin moved past $45,000, institutional products around the market leader and altcoins posted new entrants.
As expected, Bitcoin products attracted a majority of inflows totaling $113 million. Short Bitcoin however posted outflows of $1 million in the last seven days. Equities also started the year on a high with $24 million inflows.
On the altcoin front, Ethereum (ETH) continued its good run in Q4 2023 with $30 million inflows as the price of the asset moved past $2,250. Wealth managers continue to back Ethereum based on the staking feature which
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