According to data from CoinShares, a cryptocurrency asset management company, digital asset investment products saw a net inflow of $151 million in the first week of 2024. This brings the total net inflow to $2.3 billion since the lawsuit between Grayscale and the U.S. Securities and Exchange Commission (SEC), accounting for 4.4% of the Assets under Management (AuM).
Bitcoin investment products had the largest net inflow of $113 million, representing 3.2% of AuM in the past nine weeks. On the other hand, short Bitcoin investment products experienced a total outflow of $1 million in the first week of this year.
James Butterfill, the Head of Research at CoinShares, stated that if many people believe the launch of a US Bitcoin spot ETF is a “buy the rumor, sell the news” event, then “we would certainly expect to see net inflows into short Bitcoin ETPs.” However, there has been a total net outflow of $7 million in the past nine weeks.
Ethereum investment products attracted a net inflow of $29 million, with a total net inflow of $215 million in the past nine weeks, indicating a significant improvement in market sentiment. On the other hand, Solana had a difficult start this year, with a total net outflow of $5.3 million.
In terms of other altcoin investment products, Cardano, Avalanche, and Litecoin saw net inflows of $3.7 million, $2 million, and $1.4 million respectively. Blockchain stocks also had a good start this year, with a net inflow of $24 million last week.
