Coinshares has provided an update on digital assets and the platform is reporting that digital asset investment products experienced $2.25 billion of inflows for the full year in 2023, Coinshares states that this is the 3rd largest year based on data from back to 2017.
When comparing to 2022, there were 2.7X more inflows in 2023. This is largely due to bullish sentiment in the Bitcoin sector as expectations for a Bitcoin Exchange Traded Fund (ETF) improve. Bitcoin accounted for $1.9 billion of all digital asset inflows or 87%.
Most of the rebound took place in Q4 2023.
Ethereum also rebounded in 2023 but still trails Bitcoin dramatically. Inflows into ETH were $78 million or just 0.7% in AuM.
Ethereum competitor Solana topped Ethereum, seeing inflows totalling $167 million or 20% of AuM.
The US saw the largest inflows of $792 million, but this only represented 2% of AuM.
Germany experienced the largest percentage increase in inflows at 22% of AuM followed by Canada and Switzerland at 15% and 13% respectively.
Coinshares adds that blockchain equities also improved, with AuM rising by 109% and seeing total inflows of $458 million, 3.6x the inflows seen in 2022.