Crypto investment products saw total inflows of $2.2 billion in 2023, according to a report by analytics firm CoinShares. Inflows into Bitcoin investment products reached over $1.9 billion. This represents 86% of the total. Meanwhile, BNB Coin, the local token of the Binance exchange, attracted attention with corporate money outflows. In addition, Solana recorded record entries.
While BNB Coin saw fund outflows, SOL and these 5 coins saw inflows
Cryptocurrency investment products saw total inflows of $243 million in the last week of 2023, according to CoinShares. This brings the total flow for the year to $2.2 billion. These flows were calculated based on tokens sold and purchased in 2023.
Meanwhile, Bitcoin funds saw the most significant inflows among crypto investment products at $1.9 billion. This represents 86% of the total. Solana (SOL) ranked a distant second with an entry of $167 million. It was followed by the leading altcoin Ethereum with an inflow of $78 million. Additionally, Ripple (XRP), Cardano (ADA), Litecoin (LTC) and Polkadot (DOT) also attracted funds. On the other hand, Multi-Asset and Binance (BNB Coin) exchange-traded products (ETP) recorded net outflows of $18 million and $1 million, respectively. Thus, they reversed the general trend.
On a year-over-year basis, cryptocurrency investment products in 2023 saw more inflows than in 2022. Bitcoin funds saw the most significant inflows for any cryptocurrency in 2022, with $388 million representing 47.5% of the $816 million total. While Multi-Asset followed with $272 million, Binance (BNB Coin) experienced an outflow of $24 million.
Inflows into crypto asset funds accelerated in October
The current bull market for crypto fund products appears to have started during the week of September 29. cryptokoin.comAs you follow from , prior to this, crypto funds had seen outflows in eight of the previous nine weeks. ETPs are investment funds whose stocks or shares are designed to track the price of a specific asset. Crypto ETPs typically track the prices of cryptocurrencies with significant market capitalization, such as Bitcoin or Ethereum (ETH). Since investors can store shares of these funds in a traditional brokerage account, some investors choose to gain exposure to crypto prices through the funds rather than holding these assets.
The market is preparing for the approval of the widely anticipated spot Bitcoin exchange-traded fund (ETF) in the United States. With this expectation, the Bitcoin price exceeded $45,000 on January 2 for the first time in nearly two years. However, it witnessed harsh sales following the possible ‘rejection’ news today. Thus, BTC price dropped to 42 thousand dollars. Many tokens on the market saw sharper declines. However, this harsh reaction has calmed down a bit for now.
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