Cryptocurrency investment product records net inflow of 14.5 billion yen in one week – CoinShares
Net inflow totaled 14.5 billion yen last week
According to data from CoinShares, a cryptocurrency investment company, the total amount of funds flowing into existing virtual currency investment products during the week ending on the 23rd amounted to $103 million (14.5 billion yen). . The target fund’s total assets under management (AUM) are estimated at $5.2 billion (730 billion yen).
There were $103 million inflows into digital assets last week, with none reported on Monday. Merry Christmas! pic.twitter.com/xAVzCrPPkQ
— James Butterfill (@jbutterfill) December 23, 2023
Last week, the 11-week trend of excessive inflows temporarily stopped, and despite an outflow of $16 million (approximately 2 billion yen), inflows are accelerating again.
This appears to be due to institutional investors investing ahead of the approval of the Bitcoin (BTC) spot ETF by the U.S. Securities and Exchange Commission (SEC). Of the $103 million in inflows, $87.6 million, or 85%, were concentrated in Bitcoin-specific funds.
Expectations for approval of a Bitcoin spot ETF in the U.S. are growing day by day. Ark Invest CEO Cathy Wood appeared on CNBC this week and said that the SEC’s understanding and depth of knowledge of the issue has increased, adding, “Approval is likely by January 10, 2024.” “It’s expensive,” he said.
Data source: Bloomberg
ARK Invest has jointly applied with 21Shares to list the Bitcoin ETF “ARK 21Shares Bitcoin ETF (Resubmission)” with the Securities and Exchange Commission (SEC), with a review deadline of January 10. Market analysts expect the U.S. Securities and Exchange Commission (SEC) to approve several Bitcoin ETFs by January 10 to avoid becoming a kingmaker.
Wood also expects the approval of a Bitcoin ETF to be an entry point for institutions and other investors. “They are looking for ways to diversify and we want to actively manage that strategy,” he added.
Link: “Bitcoin will exceed $50,000 by the end of January 2024,” Matrixport predicts, based on the year-end selling season and excitement in cryptocurrency-related stocks.
Significant influx from Germany and Canada
Additionally, cryptocurrency services company Matrixport predicts that the BTC price will exceed $50,000 by the end of January. Recently, investment in related stocks such as Bitcoin mining and Coinbase has been increasing, and this is one of the reasons for the price rise.
The financial market’s interest rate cut trend toward 2024 also had an impact, with BTC rising 13% in the past 30 days and 160% since the beginning of the year. The total AUM of Bitcoin funds, as calculated by Coinshares, reached $3.7 billion.
Geographically, Germany and Canada are the top two countries, with inflows of $41.6 million and $35.8 million, respectively. The United States and Switzerland recorded $20.4 million and $15 million. According to BitMEX, as of December 22, 2023, there are about 150 cryptocurrency-related exchange-traded financial products (ETPs), and the total amount of assets under management amounts to $50.3 billion (approximately 7 trillion yen). .
Link: Total BTC held by global Bitcoin ETFs reaches 3.8% of maximum supply = CoinGecko analysis
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Post-cryptocurrency investment products recorded a net inflow of 14.5 billion yen in one week. CoinShares appeared first on Our Bitcoin News
