Crypto will see the biggest influx of money from 2021
Share this article
Digital asset investment products recorded their biggest weekly revenue since the end of 2021, reaching $346 million. James Butterfield, head of research at CoinShares, attributed this increase to the upcoming US-based Bitcoin spot Exchange-Traded Fund (ETF).
ETF estimates fuel the biggest increase in flows since the end of 2021
— James Butterfill (@jbutterfill) November 27, 2023
Leading the charge, Bitcoin saw an inflow of $312 million last week, bringing its year-to-date total to over $1.5 billion. This trend corresponds to the reduction of short selling activities, which indicates a change in market sentiment.
Ethereum, the second largest by market capitalization, has seen a revival in demand. It came in at $34 million in revenue last week, nearly covering expenses for the year, marking a significant turnaround in investor confidence. Over the past four weeks, Ethereum has accumulated $103 million in revenue.
The current nine-week streak reflects broad market optimism, driven in part by the expected launch of a Bitcoin ETF in the US. Total digital assets under management (AUM) rose to $45.3 billion, the highest in more than a year and a half, driven by both price increases and new investments.
Canada and Germany lead the way, contributing 87 percent of the total revenue. In contrast, the US market saw relatively modest participation, with revenue reaching $30 million last week.
Other tokens such as Solana, Polkadot, and Chainlink experienced positive inflows totaling $3.5 million, $0.8 million, and $0.6 million, respectively.
Share this article
The information contained or included in this website is obtained from independent sources that we believe to be accurate and reliable, but we make no representations or warranties as to the timeliness, completeness or accuracy of information obtained through this website. . Decentralized Media, Inc. Not an investment advisor. We do not provide personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may be out of date, or may be incomplete or incorrect. We may, but are not obligated to, update any outdated, incomplete or inaccurate information.
You should not make an investment decision in an ICO, IEO or other investment based on the information on this website and you should never interpret or rely on any information on this website as investment advice. If you are seeking investment advice on an ICO, IEO or other investment, we strongly recommend that you consult a licensed investment advisor or other qualified financial professional. We do not receive compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities or commodities.
See full terms and conditions.
