Crypto News – According to CoinShares’ most recent report, investments into cryptocurrency funds at asset managers like CoinShares, Bitwise, Grayscale, ProShares, and 21Shares totaled $151 million during the first week of 2024.
Crypto Trading Products Started 2024 with Remarkable Inflows
With $113 million added last week with the much-anticipated upcoming approval of spot Bitcoin ETFs in the U.S., Bitcoin-based funds led the inflows. Inflows totaling $24 million were also seen in blockchain equities. $1.1 million in small withdrawals were reported for short Bitcoin products.
If many truly believed that the launch of the ETF in the U.S. would be a ‘buy the rumor, sell the news’ event, we surely would expect to see inflows into short-bitcoin ETPs. Instead, outflows over the last nine weeks have amounted to $7 million.
Butterfill
Spot Ether ETF Approval Could Also Come Later This Year
Though spot Bitcoin ETF products haven’t been released in the nation yet, U.S. exchanges accounted for 55% of last week’s regional fund inflows. 17% and 21% of the flows, respectively, were from funds based in Switzerland and Germany.
A “turnaround in sentiment” has been observed over the past nine weeks, as indicated by the $29 million in Ether investment products that saw inflows last week. These inflows totaled $215 million, says Butterfill. Additionally, rumors have it that the SEC might later this year sanction the launch of a spot Ether ETF product in the US.
%s Comment