Crypto-related investment products received $103 million in inflows last week, bringing the year-to-date flow to almost $2 billion.
Data from CoinShares’ head of research, James Butterfill, showed that Bitcoin-related products saw $87.6 million of the total inflows recorded last week. This brings its monthly flow to $95.5 million and its year-to-date flow to $1.758 billion. Additionally, the assets under management now sit at $37.36 billion.
Market observers have attributed this consistent trend of inflows to the anticipation of a spot Bitcoin ETF launch in the U.S. CryptoSlate reported that the SEC set a strict deadline of Dec. 29 for companies hoping to launch these ETFs to amend their filings, with the initial wave of potential approvals slated for early January 2024.
Meanwhile, some investors remain bearish on BTC, which is evident in the $400,000 inflows seen in Short Bitcoin products last week.
Other digital assets, including Ethereum, Solana, and Cardano, also witnessed considerable inflows. Per the report, Ethereum attracted $7.9 million, Solana $6 million, and Cardano $1 million, while multiasset products saw $2.3 million.
This year, Solana-related products have attracted the most inflows behind only that of Bitcoin, with year-to-date flows amounting to $162 million.
This level of inflow aligns with the overall optimism surrounding SOL’s impressive price performance for this year. Data from CryptoSlate shows that the digital asset’s value has grown by more than 800% on the year-to-date metric, making it one of the best-performing large-cap alternative cryptocurrencies in the market.
Across regions, Sweden is the only country that experienced outflows of around $9 million. Conversely, countries like Germany, Canada, and the US reported notable inflows, totaling $41.6 million, $25.8 million, and $20.1 million, respectively.
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