LATEST: 2023 Witnesses Over $1 Billion in Crypto Fund Inflows, Bitcoin Playing a Major Role

Digital asset manager CoinShares reports significant inflows into cryptocurrency funds, pushing yearly totals above $1 billion. Last week alone, crypto funds received $293 million, with Bitcoin funds contributing $240 million to this total. The recent surge is attributed to optimism regarding potential U.S. regulatory approval of a spot Bitcoin ETF. Bitcoin’s value has risen by 37% since October, with Bitcoin exchange-traded product volumes making up 19.5% of total Bitcoin trading volumes, indicating increased participation by ETP investors compared to previous years. This marks the third-highest yearly inflow on record, totaling $1.14 billion in 2023.

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