Crypto will see the biggest influx of money from 2021

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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.

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