Crypto investment products saw $103 million in weekly earnings, replacing last week’s CoinShares
Cryptocurrency investment products saw a total of $103 million in inflows by the end of December 22, reversing the $16 million outflow from the previous week, according to CoinShares. Crypto exchange-traded products (ETPs) have now experienced 12 weekly gains over the past 13 weeks.
Last week, $103 million went into digital assets, with no report on Monday. merry christmas! pic.twitter.com/xAVzCrPPkQ
— James Butterfill (@jbutterfill) December 23, 2023
Bitcoin (BTC) funds saw the largest inflow of any cryptocurrency, with over $87.6 million representing 85% of the total. Ether (ETH) was a distant second, posting revenues of $7.9 million. Litecoin (LTC) and Avalanche (AVAX) ETPs led the overall trend, posting net inflows of $400,000 and $2.6 million, respectively.
When viewed by region, Germany accounts for more than 40% of the total income of any country. Canada saw second place representing 25% of the total. About 20 percent came from the United States and nearly 15 percent from Switzerland.
The current bull market for crypto fund products seems to have started on September 29.
In previous reports, CoinShares speculated that the recent string of inflows could be the result of traders' optimism about the imminent approval of bitcoin exchange-traded funds (ETFs) in the United States. If that happens, the demand for crypto funds, especially Bitcoin, may increase.
Related: SEC Sets Deadline for Bitcoin ETF Reform on Dec. 29
In the year The week ending November 24 saw the highest gross of the entire 13-week period, totaling $346 million. Flows have declined significantly since then, although the underlying trend is positive.
