tl;dr
With investors looking ahead to a deadline this week that could see the U.S. Securities and Exchange Commission approve the first U.S. spot bitcoin (BTC-USD) exchange-traded fund, cryptocurrency funds reportedly saw strong inflows for the first week of 2024. For the week ended Jan. 5, 2024, digital ...
With investors looking ahead to a deadline this week that could see the U.S. Securities and Exchange Commission approve the first U.S. spot bitcoin (BTC-USD) exchange-traded fund, cryptocurrency funds reportedly saw strong inflows for the first week of 2024. For the week ended Jan. 5, 2024, digital asset investment products garnered inflows of $151M, CoinShares noted, bringing the total inflows since the Grayscale vs. SEC lawsuit to $2.3B. While the U.S. ETF tied directly to bitcoin's (BTC-USD) spot price has yet to be approved, some 55% of the inflows were from U.S. exchanges, the report said.
Bitcoin (BTC-USD), the world's largest digital token, experienced the largest share of inflows at $113M. Short-bitcoin products, meantime, saw outflows of $1M, further underscoring investors' bullishness on the coin. "If many truly believed that the launch of the ETF in the US would be a 'buy the rumour, sell the news' event, we surely would expect to see inflows into short-bitcoin ETPs, instead, outflows over the last 9 weeks have amounted to US$7m," CoinShares said.
Altcoins also saw inflows last week, with the biggest one, ethereum (ETH-USD), garnering $29M. Cardano (ADA-USD), avalanche (AVAX-USD), litecoin (LTC-USD) raked in inflows of $3.7M, $2M and $1.4M, respectively.
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