Quick Take
Reviewing CoinShares’ James Butterfill’s data, while 2023 might have been relatively tepid in terms of total inflows into digital asset ETPs, with $2.2 billion registered compared to $10.6 billion and $6.6 billion, respectively, in 2021 and 2020, the year ended on a high note with $243 million of inflows recorded in the final week. Notably, 2022 saw just $816 million of inflows, indicating a 169% year-on-year in 2023.
Market participants have linked this steady rise of inflows to the mounting buzz around the proposed spot Bitcoin ETF launch in the U.S., with a potential wave of approvals expected between January 8-10.
Unpacking the $2.2 billion total inflows, Bitcoin was the frontrunner with $1.9 billion, amounting to assets under management (AUM) of $38.5 billion. Ethereum, while a distant second in AUM, still saw substantial inflows of $78 million and held $10.1 billion AUM. Despite having a smaller AUM of $844 million, Solana-related products outstripped Ethereum in inflows with $167 million. In 2023, the total AUM for all coins amassed to $53.6 billion, according to CoinShares.
The post Digital asset ETPs record $2.2 billion inflows for 2023, market eyes spot Bitcoin ETF launch appeared first on CryptoSlate.
