Crypto Investment Products See $2.2B in Total Revenue by 2023 — CoinShares
Cryptocurrency investment products saw a total of $243 million in inflows in the final week of 2023, bringing the year's total inflows to $2.2 billion, according to CoinShares. These flows are calculated based on the tokens sold and purchased in 2023.
Bitcoin (BTC) funds saw the most significant inflows of any cryptocurrency with over $1.9 billion representing 86% of the total. Solana (SOL) was a distant second, posting $167 million in revenue. Multi-Asset and Binance (BNB) Exchange Traded Products (ETP) bucked the general trend, posting net inflows of $18 million and $1 million, respectively.
On a year-over-year basis, cryptocurrency investment products saw more revenue in 2023 than in 2022. Bitcoin funds saw the most significant revenue for any cryptocurrency in 2022, at $388 million, representing 47.5% of the total $816 million. Multi-asset followed with 272 million dollars, Binance came out with 24 million dollars.
The final week of 2023 saw inflows of US$243m into digital asset ETPs, bringing total inflows for 2023 to US$2.2bn. pic.twitter.com/EtdHQWlu2K
— James Butterfill (@jbutterfill) January 3, 2024
The current bull market for crypto fund products seems to have started on September 29.
ETPs are mutual funds whose bonds or shares are designed to track the value of a particular asset. Crypto ETFs usually track the price of cryptocurrencies with significant market capitalization, such as Bitcoin or Ether (ETH).
Some investors prefer exposure to crypto prices through funds rather than owning these assets, as they can store shares of these funds in a traditional brokerage account.
RELATED: Crypto Investment Products See $103M in Weekly Revenues, Reversing Last Week: CoinShares
Bitcoin's price broke above $45,000 for the first time on January 2 as the market prepared for the widely anticipated adoption of a Bitcoin exchange-traded fund (ETF) in the United States.
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