Bitcoin will move the digital asset market as the Grayscale selloff subsides

The digital assets market grew in the week beginning January 29, with global digital assets under management reaching $53 billion. According to alternative asset manager CoinShares, the gains are mostly due to Bitcoin (BTC) investments.

Inflows into the digital asset market reached $708 million per week, of which $703 million moved in the United States. This compares to a total outflow of $499.7 million as of January 22. BTC accounted for 99% of the total market flow on January 29, totaling $703 million, compared to BTC's flow of $5.3 million.

Revenues for all exchange-traded products totaled $8.2 billion, down from $10.6 billion the previous week. The United States saw the biggest move, bringing in $721 million. That figure compares well with last week's inflow of US$408.8 million.

The new US market for BTC spot exchange-traded funds (ETFs) saw inflows totaling $1.7 billion, down from the weekly average of $1.9 billion since January 11. However, the market is growing.

“This [inflow into U.S. BTC ETFs] A total of $6bn has been shared in spending by existing issuers, but the data shows that the pace of these flows has slowed significantly.

The Greyscale Bitcoin Trust (GBTC) ETF sold $926.7 million of BTC, and ProShares sold $108.9 million of BTC, but those outflows offset the iShares (BlackRock) and Fidelity ETFs, adding $1.6 billion between them.

Digital asset investment products saw a total of $708 million in revenue last week!

This brings year-to-date inflows to US$1.6bn and total global assets under management to US$53bn.

Trading volume in ETPs fell to US$8.2bn (vs. $10.6bn last week), but… pic.twitter.com/phsy5zjnTf

— CoinShares (@CoinSharesCo) February 5, 2024

The price of BTC showed signs last week that the US Federal Reserve may keep interest rates high for the foreseeable future.

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According to CoinShares data, the Solana blockchain topped its competitors with $13 million in revenue, compared to Ethereum's $6.4 million and Avalanche's $1.3 million. Ether (ETH) saw a flow of $6.4 million.

Canada saw the largest outflows nationally, with $31.3 million traded. Sweden came in second, spending $8.2 million. Canada and Sweden, along with several other countries, also saw outflows last week, but the flow was only noticeable in Canada. It has changed in Germany, Switzerland and the United States. Switzerland had $59.8 million out two weeks ago and $20.9 million in last week.

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