Inflows into crypto investment products have totaled $151 million since the beginning of the year
Most of the inflow traditionally came from bitcoin: $113 million
08.01.2024 - 15:30
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What’s new? From January 1 to January 7, the inflow of funds into investment products based on cryptocurrencies amounted to $151 million, according to analysts at CoinShares. Most of the inflow ($113 million) came from bitcoin, while short positions in the asset recorded an outflow of $1 million. Even though spot exchange-traded funds (ETFs) based on cryptocurrencies have not yet been admitted to the US market by the securities regulator SEC, 55% of the inflow went to local exchanges.
What else is known? CoinShares notes that the upcoming launch of spot crypto ETFs is probably not a “buy the rumour, sell the news,” as short positions in the asset have seen outflows of $7 million over the past 9 weeks. Thus, investors do not expect BTC to fall under the pressure of possible upcoming sales.
In addition to the United States, Germany and Switzerland have accounted for significant shares of inflows since the beginning of the year: 21% and 17%, respectively.
The inflow of funds into Ethereum amounted to $29 million, and over the last 9 weeks, $215 million, which indicates a noticeable change in investor sentiment towards the asset in a positive direction.
At the same time, Solana had a not-so-good start to the year, with outflows in SOL-based products totaling $5,3 million. That said, last year, CoinShares analysts named SOL as the favorite altcoin of investors in crypto derivatives.
Other altcoins with notable inflows were Cardano, Avalanche, and Litecoin: $3,7 million, $2 million, and $1,4 million, respectively.
Blockchain companies also had a good start to the year, over the past week they received an influx of $24 million, analysts write.
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