Crypto Investment Products Record $243 Million Inflows in Final Week of 2023, Yearly Total Reaches $2.2 Billion – CoinShares

Crypto Investment Products Record $243 Million Inflows in Final Week of 2023, Yearly Total Reaches $2.2 Billion – CoinShares

January 3, 2024

By Hassan Shittu | @hassan-shittu

Cryptocurrency investment products witnessed substantial inflows, totaling $243 million in the final week of 2023, contributing to a cumulative yearly inflow of $2.2 billion.

According to CoinShares, Bitcoin (BTC) led the way with over $1.9 billion in inflows, accounting for 86% of the total. Solana (SOL) followed as the second-highest, with $167 million in inflows.

However, multi-asset and Binance Coin (BNB) exchange-traded products (ETP) experienced net outflows of $18 million and $1 million, respectively.

When compared to the previous year, crypto investment products in 2023 saw higher inflows than in 2022. In 2022, Bitcoin funds attracted $388 million, making up 47.5% of the $816 million total. Multi-assets followed with $272 million, while Binance Coin experienced an outflow of $24 million.

The trend in crypto investment products shifted positively during the week of September 29, marking the beginning of the current bull market. Prior to that, these products faced outflows in eight of the previous nine weeks.

Exchange-traded products (ETPs) showed an interesting trend, with multi-asset and Binance Coin (BNB) ETPs registering net outflows of $18 million and $1 million, respectively. The data reflects investors’ diverse preferences within the cryptocurrency market.