- Crypto funds started the year with positive investor sentiment.
- Inflows into the funds during the first week surpassed $150 million.
- Bitcoin dominated the inflows as Solana outflows totaled $5.3 million.
Crypto funds ushered in 2024 with inflows totaling millions of dollars in the first week, fueled by anticipation of spot Bitcoin ETF securing a win from the U.S. securities watchdog.
According to Coinshares’ latest report, despite the Bitcoin ETF not being launched yet in the country, U.S. exchanges accounted for 55% of week one inflow, followed by Germany and Switzerland at 21% and 17%, respectively.
Crypto Fund Inflows Total $151 Million
Per the report, digital asset investment products saw inflows totaling $151 million in the first week of the year, pushing the total inflows since Grayscale’s win against SEC to $2.3 billion. This represents 4.4% of the total assets under management (AuM) in asset managers such as CoinShares, Grayscale, Bitwise, ProShares, and 21Shares.
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Notably, Bitcoin-based investment products saw the largest share of inflows at $113 million, with inflows over the last nine weeks totaling 3.2% of AuM. Ethereum registered $29 million in inflows during the same period, bringing the total inflows over the last nine weeks to $215 million.
While Solana started the year on a “not so good run” with outflows totaling $5.3 million in the first week, Cardano, Avalanche, and Litecoin are among the altcoins that saw notable inflows of $3.7 million, $2 million, and $1.4 million, respectively.
At the same time, short-bitcoin outflows for the first week totaled $1 million, bringing the net outflows over the last nine weeks to $7 million.
Read how crypto funds broke an 11-week inflow streak:
Crypto Funds Break 11-Week Inflow Streak with $16M Outflows
Stay updated on Bitcoin ETF approval status in the U.S.:
Bitcoin ETF Inches From Finish Line: SEC Accepts 19b-4 Forms
