Digital Asset Products Record $103 Million Inflows as Assets Under Management Maintains $52 Billion Position
Cryptocurrency funds recorded $103 million inflows in the penultimate week of the year as institutional investors keep momentum toward a spot Bitcoin (BTC) ETF approval by the Securities and Exchange Commission (SEC).
Recent data provided by CoinShares shows massive inflows into digital asset investment products in the last seven days with BTC and altcoins staying in the green zone. After posting $16 million outflows the previous week, bulls seek to press on with the momentum garnered at the start of the month.
US$103m inflows in digital assets last week, no report on Monday. Merry Christmas! pic.twitter.com/xAVzCrPPkQ
— James Butterfill (@jbutterfill) December 23, 2023
Total weekly inflows stood at $103 million while assets under management (AUM) sit slightly above $52 billion as on-chain activity and decentralized finance (DeFi) activity ramps up.
Bitcoin had the lion’s share of inflows as expected raking in $87.6 million, a staggering 85% of weekly positive movements. BTC continues to be a favorite asset for institutional investors in recent weeks due to three major reasons.
First, the anticipation of a spot Bitcoin ETF drags more investment to the sector with several wealth managers predicting a potential approval next usage amid key filings, edits, and court victories recorded in recent months.
Approval of a spot BTC ETF in the United States is expected to introduce a new financial cycle in the market with multiple estimates from industry executives and analysts.
Notably, it will create a new window of entry for institutional funds in the market. According to Matrixport, the price of the asset could go over $50,000 while market analysts at Bitfinex predict an upward movement should the status quo remain.
Secondly, after
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