Search
Search
Crypto Funds Attract $1 Billion in 2023

Crypto Funds Attract $1 Billion in 2023, Marking 3rd-Highest Annual Inflow on Record

0
0

248 Listen to this article Investors have demonstrated a strong appetite for crypto investments in 2023, with a staggering $1 […]

Latest News

Listen to this article

Investors have demonstrated a strong appetite for crypto investments in 2023, with a staggering $1 billion flowing into crypto funds. This influx, reported by CoinShares, stands as the third-highest annual increase ever recorded in the cryptocurrency market. The momentum continues to build, as a substantial $293 million poured into crypto funds just last week. This surge propelled the total inflow for the year beyond the $1 billion mark, showcasing a sustained and growing interest among investors.

Year-to-Date Inflows Hit $1.14 Billion, Securing Third Place

The cumulative impact of these investments is evident in the year-to-date figures, which now stand at an impressive $1.14 billion. This places 2023 as the third-highest year for crypto fund inflows, reinforcing the sustained confidence and interest in the crypto market.

Impressive Growth in Total Assets Under Management

CoinShares’ report delves into the broader market dynamics, revealing an overall growth in the crypto fund landscape. Total assets under management experienced a notable 9.6% surge in the past week alone, contributing to an impressive 99% increase since the beginning of 2023.

Prominent players in the asset management sector, including ProShares, 21Shares, Grayscale, and others, have collectively been instrumental in attracting over $1 billion in inflows throughout the year. The last week alone saw a significant $293 million influx, underscoring the widespread interest in crypto investment opportunities.

Read Also:  Australia Plans to Require Crypto Exchanges to Obtain Licenses to Curb Risks

Total Assets Under Management Reach $44.3 Billion

The cumulative impact of these investments is reflected in the total assets under management, which now stand at an impressive $44.3 billion. This figure represents the highest point since May 2022, portraying a robust and growing market sentiment. Breaking down the data, last week’s performance highlights a particularly strong showing in bitcoin fund inflows, totaling an impressive $240 million. Additionally, ether investment products experienced their most substantial weekly inflows since August 2022, reaching $49 million.

Crypto Market Resurgence in 2023

The resurgence of cryptocurrencies, particularly bitcoin and ether, has played a pivotal role in driving the substantial inflows witnessed throughout 2023. Bitcoin, boasting an impressive gain of over 120% this year, and ether, with a commendable 76% increase, have emerged as key catalysts in attracting investor confidence.

Optimism Surrounds US Spot Crypto ETF Approval

Optimism is on the rise in anticipation of the first spot crypto ETF in the United States. Major asset management firms such as BlackRock and Fidelity have applied for approval with the Securities and Exchange Commission. Furthermore, BlackRock has recently filed for the approval of an Ethereum ETF, indicating a growing institutional interest in expanding investment opportunities in the crypto space.

Bitcoin Halving and Anticipation of Record Highs

Adding to the positive sentiment is the upcoming “halving” of Bitcoin, expected around the middle of next year. Historical trends suggest that previous halving events have been followed by new highs in the token over the following 12 months. Industry veterans foresee the potential for Bitcoin to reach record highs and even surpass the six-figure mark, with some forecasters eyeing prices above the six-figure mark. This event has become a focal point for investors preparing for potential gains in the cryptocurrency market.

Read Also:  Zcash Price Prediction 2023: What is ZCash (ZEC)

For the Latest Crypto News follow the Coinography and Subscribe our YouTube channel or follow us on social media platforms like Twitter, Facebook, Instagram and LinkedIn.

0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

Get Latest Updates

Latest News

Web Stories

Latest News

0
Would love your thoughts, please comment.x
()
x
Scroll to Top
Crypto Whale Splurges $10.4 Million on Meme Coin PEPE SOL Price Nearing Support as On-Chain Activity Dips for Solana Penguiana Meme Coin’s Presale Achieves Success, Raising 290 SOL Solana to Bitcoin Bridge, Zeus Network, Set for Debut in Q3 2024 DeFi Lending Leader Aave Unveils V4 Protocol Overhaul MicroStrategy (MSTR) Incurs Losses in Q1 After Digital Asset Impairment Takes Toll Upbit Emerges as Top Five Crypto Exchange, Posing Challenge to Binance, Coinbase Tether’s TON Blockchain Entry Reaches $60M: CEO Content SHIB News: 700M Tokens Burned, Shiba Inu Targets $0.00004 Polkadot Relay Chain Upgrade Plan and 10M DOT Prize Initiative TON Network Surpasses $140M TVL as Toncoin Price Skyrockets Bitcoin Falls Below $60,000 After Israel’s Strike on Iran Ragnarok Joins Web3 via Ronin and Gravity Collaboration Worldcoin Announces “Human Centric” Blockchain: World Chain Dubai Flood Spurs Blockchain Life 2024 Airdrop ZachXBT Reveals Frauds on Ethereum Layer-2 Networks Winklevoss Twins Invest $4.5M BTC in Bitcoin Soccer Club VeChain and UFC Unveil Tokenized Gloves Collaboration Web3 Credentials Platform Galxe Goes Live with Mainnet Launch El Salvador’s Newest Hilton Leverages Tokenized Bitcoin Debt