Cryptocurrency funds continue to attract capital as the market eagerly awaits approval of a U.S. spot Bitcoin ETF.
After ending their third best year since 2017, investment funds involved in cryptocurrencies maintained their good performance in the first week of 2024, with inflows reaching $151.4 million, according to data released by CoinShares on Monday (8th).
Brazil has followed the positive trajectory seen at the beginning of the year, with cryptocurrency-based funding attracting $4 million (about R$20 million) in the past seven days.
The expectation of approval of the US spot Bitcoin ETF is the main driving force of the current market. This week, US funds led the fundraising, with inflows of US$83.6 million, accounting for 55% of the total market fundraising.
Next up were Germany ($32.5 million) and Switzerland ($24.9 million), making the week positive for all analyzed countries.
Bitcoin dominates inflows
According to CoinShares, Bitcoin (BTC)-based funds have recorded the largest inflows at the start of the year at $113 million, while positive flows over the past nine weeks account for 3.2% of AUM (assets under management).
On the other hand, operating funds that sell (short) Bitcoin saw outflows totaling $1 million in the first week of 2024. CoinShares said, "What many people really believed was that the launch of the fund was in the United States and that it would be a 'buy on the rumor, sell on the fact' event, and we would certainly expect to see more funds flow into Bitcoin short ETPs; instead, the total outflows over the past 9 weeks were 7 million yuan."
Ethereum (ETH) received $29 million in inflows, bringing the total inflows over the past nine weeks to $215 million, marking a change in market sentiment that had previously led to outflows from cryptocurrency funds.
Solana (SOL), on the other hand, had a poor start to the year, with outflows totaling $5.3 million. This suggests that the cryptocurrency is moving away from and ending a good period in 2023, when it raised more than twice as much as its Ethereum competitor. #巴西 #加密货币基金
Crypto fund flows by cryptocurrency in the first week of 2024:
