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Tuesday, January 9, 2024

Bitcoin Dominates As Crypto Investments Surge: $151M Inflows In 2024’s First Week

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In a promising kick-off to the year 2024, digital asset investment products have witnessed a significant surge, with total inflows reaching a noteworthy $151 million in the first week alone. The latest data, as reported  ↗by the CoinShares Digital Asset Fund Flows Weekly Report, sheds light on the dominance of Bitcoin in attracting the lion’s share of these inflows.

🟢 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 ↗

The report reveals that the cumulative inflows into digital asset investment products have now reached a substantial $2.3 billion since the conclusion of the Grayscale vs SEC lawsuit. This accounts for 4.4% of the total assets under management (AuM). Notably, the launch of the spot-based ETF in the United States is yet to occur, but the majority of the inflows, 55%, originated from US exchanges. Germany and Switzerland also played significant roles, contributing 21% and 17% of the total inflows, respectively.

Bitcoin Leads The Pack

Bitcoin emerged as the primary beneficiary, witnessing a massive influx of $113 million in the first week of 2024. Over the past nine weeks, Bitcoin’s total inflows have accounted for 3.2% of the AuM. Interestingly, the scenario for short-Bitcoin investment products took an unexpected turn, experiencing outflows totalling $1 million in the first week of the year. This contradicts the anticipation of a “buy the rumor, sell the news” event surrounding the potential launch of the ETF in the US. Surprisingly, outflows over the last nine weeks amounted to a substantial $7 million.

Ethereum, the second-largest cryptocurrency, also experienced positive sentiment, with inflows totalling $29 million in the first week. Over the past nine weeks, Ethereum’s cumulative inflows reached $215 million, signalling a notable shift in investor sentiment. However, Solana faced a less favourable start to the year, with outflows totalling $5.3 million.

Several altcoins witnessed notable inflows during the period, including Cardano, Avalanche, and Litecoin, attracting $3.7 million, $2 million, and $1.4 million, respectively. In addition to individual cryptocurrencies, blockchain equities displayed a strong performance, attracting $24 million in inflows over the first week of 2024. The robust start to the year for both digital assets and blockchain equities suggests a positive outlook for the broader cryptocurrency market as it continues to attract significant investor interest.

Related Reading | Chainlink’s Potential: Analysts Predict 10x Surge In Upcoming Bull Run ↗

Kaylie Pferten
Kaylie Pferten
A pilot of submersible crafts in a former life, now married to my husband David and writing about investment advice.

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