Cryptos Soar After Largest Inflows In Two Years

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Anticipation of an eventual US spot Bitcoin ETF, which Bloomberg's analysts assign a 90% probability of being approved by the SEC in January, as well as surging prices have helped to spur inflows into digital-asset investment products for a ninth consecutive week, the largest run since the crypto bull market in late 2021.

According to a recent report from CoinShares, these products, which include trusts and exchange-traded products, saw inflows of $346 million last week, with Canada and Germany contributing to 87% of the total. Only $30 million came from the US, a sign of continued low participation from the country, the asset-management firm said.

Of course, that will change as soon as investors start seeing double digit percentage weekly gains, and reallocating their money into crypto in droves, just like they did in 2020 and 2021.

Since early October, the crypto market has surged as traditional asset managers like BlackRock prepared for spot Bitcoin ETFs, potentially bringing in many more investors into the asset and resulting in inflows of tens of billions in fresh capital.

“The combination of price rises and inflows have now pushed up total assets under management to $45.3 billion, the highest in over one and half years,” the report said.

Bitcoin products raked in $312 million last week, pushing inflows to over $1.5 billion since the start of the year. Ether products saw $34 million in inflows last week, almost negating outflows all of 2023.

Amid the surging inflows, and amid expectations for imminent ETF approval by the SEC and a surge in March rate cuts odds, Bitcoin and Ethereum continued their furious ascent.

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Crypto Crazy 2 months ago Member's comment

$KAS0=-X KASPA is the one to grab also. Here is the future : BTC.X = $10,000 bill ETH.X = $5,000 bill kAS.X -= $1,000 DOGE.X = $500 bill The rest will all be like $100, $50, $20 $10 $ 5 $1 depending on where they stand now. Keep in mind many will go away and disappear it could wither down to less than ten coins that are real currency. The most efficient will have a major advantage in value for thsi reason KAS.X may overcome ETH.