Coinshares Reports Solid Start for Bitcoin (BTC), Ethereum (ETH), Other Digital Assets with Steady Inflows

Coinshares (Nasdaq Stockholm: CS; US OTCQX: CNSRF)  is reporting a solid start for digital assets as we prepare for 2024, with $151 million in total inflows.

According to the CoinShares latest weekly update, digital asset investment products saw considerable inflows during the first week of the new year, “bringing the total inflows since the Grayscale vs SEC lawsuit to $2.3 billion.”

James Butterfill from CoinShares pointed out that Bitcoin (BTC) saw the largest share of inflows “at $113 million with total inflows over the last 9 weeks representing 3.2% of AuM.”

Conversely, short-bitcoin saw outflows “for the first week of the year totaling $1 million.”

Interestingly, as a side note, the number of BTC addresses holding at least 0.1 BTC or more reached an all-time high and the number of merchants accepting Bitcoin as payment also grew steadily during 2023.

Blockchain equites have also “had a good start to the year, seeing $24 million inflows over the last week.” Notably, crypto equities outperformed Bitcoin (BTC) by 2x, a report from last year revealed.

As stated in the CoinShares update, the total inflows since the Grayscale vs SEC lawsuit has grown quite a bit now, “representing 4.4% of total assets under management (AuM).”

Despite the spot-based ETF not being launched yet in the US, 55% of the inflows “were from US exchanges, with Germany and Switzerland seeing 21% and 17% respectively.”

The report added that if many truly believed that launch of the ETF in the US would a “buy the rumor, sell the news” event, then CoinShares says they surely “would expect to see inflows into short-bitcoin ETPs, instead, outflows over the last 9 weeks have amounted to $7 million.”

The report from CoinShares also mentioned that Ethereum saw inflows totaling $29 million, “with inflows over the last 9 weeks totaling $215 million, a marked turn-around in sentiment.”

As covered in an extensive report, the Ethereum 2024 roadmap is expected to focus on scalability while addressing centralization concerns.

Solana on the other hand, has “not had such a good start to the year, with outflows totaling $5.3 million.”

However, Solana is still expected to attract considerable investments as the crypto market matures, according to an in-depth CoinGecko report.

Other altcoins that saw notable inflows “were Cardano (ADA), Avalanche (AVAX) and Litecoin (LTC), seeing $3.7 million, $2 million and $1.4 million respectively.”

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