Bitcoin, Ethereum, Solana Push Crypto Fund Inflows Above $1B For 2023: What's Next If Spot ETFs Are Approved?
Portfolio Pulse from Khyathi Dalal
Crypto fund inflows have surpassed $1 billion in 2023, with Bitcoin, Ethereum, and Solana leading the charge. CoinShares reports a seven-week inflow streak, adding $293 million recently. Bitcoin investment products saw $240 million inflows, Ethereum had its highest inflows since August 2022 at $49.1 million, and Solana received $12.4 million. The upcoming Benzinga’s Future Of Digital Assets Event will discuss the potential impact of a Bitcoin ETF approval. Total assets under management are at their highest since May 2022, with a 9.6% increase over the past week and a 99% rise since the start of the year. Bitcoin ETPs and blockchain equity ETFs also saw significant inflows. Regionally, Canada leads in inflows, followed by the U.S., Germany, and Switzerland. Bitcoin's price was up 5%, Ethereum saw a 10% increase, and Solana led with a 33% gain over the past week.
November 13, 2023 | 10:29 pm
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POSITIVE IMPACT
Bitwise 10 Crypto Index Fund (BITW) may experience increased investor interest and potential inflows due to the overall positive sentiment in the crypto fund space, as indicated by the recent inflows into crypto investment products.
The positive inflow trend in the crypto market, as reported by CoinShares, suggests a growing investor appetite for crypto-related investment products. As BITW is a crypto index fund, it is likely to benefit from this trend in the short term, leading to a potential increase in its price.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Amplify Transformational Data Sharing ETF (BLOK) may see an uptick in inflows and positive price action due to the reported largest inflows into blockchain equity ETFs since July 2022.
The report indicates that blockchain equity ETFs have experienced the largest inflows since July 2022. As BLOK is a blockchain-focused ETF, it is likely to benefit from this increased interest, which could lead to a short-term positive impact on its price.
CONFIDENCE 75
IMPORTANCE 65
RELEVANCE 75
POSITIVE IMPACT
Grayscale Bitcoin Trust (GBTC) could see a positive impact on its price due to the significant inflows into Bitcoin investment products and the overall bullish sentiment in the crypto fund market.
Grayscale Bitcoin Trust (GBTC) directly benefits from inflows into Bitcoin investment products. The report of high inflows into Bitcoin and the potential for a Bitcoin ETF approval could lead to increased demand for GBTC, potentially driving up its price in the short term.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80