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Crypto Fund Inflows of $293M Bring Yearly Total Above $1B: CoinShares
It's not just bitcoin as ether-related funds saw their largest weekly inflow in more than a year.
Updated Nov 13, 2023, 5:30 p.m. Published Nov 13, 2023, 5:30 p.m.
A third consecutive week of sizable net inflows into cryptocurrency funds has pushed the yearly total above $1 billion, according to digital asset manager Coinshares.
Digital asset investment products saw net inflows of $293 million last week, bringing year-to-date inflows to a total of $1.14 billion. That makes 2023 as having the third highest yearly inflows on record, said Coinshares. Much of that is thanks to the last three weeks, which have witnessed nearly $900 million in net inflows.
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Bitcoin funds accounted for $240 million of the $293 million of net inflows last week.
This comes as the crypto market has been rallying on the back of optimism about possible imminent U.S. regulatory approval of a spot bitcoin ETF. Bitcoin [BTC] has gained about 37% since the start of October, bringing its year-to-date advance to roughly 122%
Bitcoin exchange-traded product (ETP) volumes made up 19.5% of total bitcoin trading volumes on exchanges, noted Coinshares. “This has rarely happened and suggests ETP investors are participating much more in this rally compared to 2020/21," the firm added.
Ether [ETH] funds saw $49 million of net inflows last week – their largest such total since August 2022 – with the catalyst for this likely being last week's spot ether ETF application from BlackRock.
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Solana CME Futures Fell Short of BTC and ETH Debuts, but There's a Catch
When adjusted for asset market capitalization SOL's relative futures volume looks better, K33 Research noted.
What to know:
- Solana's SOL futures began trading on the Chicago Mercantile Exchange (CME) on Monday, with a notional daily volume of $12.3 million and $7.8 million in open interest, significantly lower than the debuts of bitcoin (BTC) and ether (ETH) futures.
- Despite the seemingly lackluster debut, when adjusted to market value, SOL's first-day figures are more in line with BTC's and ETH's, according to K33 Research.
- Despite the bearish market conditions, the launch of CME SOL futures offers new ways for institutions to manage their exposure to the token, said Joshua Lim of FalconX.
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