Crypto Funds Usher in 2024 with $151M Inflows in the First Week

Crypto funds started the year with over $150 million in inflows in the first week.

Crypto piggy bank being charged up by lightning bolts in space.
Created by Gabor Kovacs from DailyCoin
  • 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.

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

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Brian Danga

Brian Danga, a Kenyan crypto reporter, is dedicated to delivering breaking news and updates from the cryptocurrency world. With a background as a Web3 writer and project manager, he recognizes the importance of unbiased reporting. Holding an LLB degree from the University of Nairobi, Brian's analytical skills contribute to his accurate news reporting. His personal interests include cooking, watching documentaries, reading, and engaging in intellectual discussions.