Digital asset manager CoinShares says institutional crypto investors will pour record amounts of money into cryptocurrency exchange-traded products (ETPs) in 2024.
CoinShares said in its latest Digital Asset Fund Flows report that digital asset investment products reached a record high last week of the year despite a weak week with net inflows of $245 million.
“Digital asset investment products saw relatively modest inflows of $245 million last week, but this obscures a mixed picture for a range of digital assets. Volumes rose to $14.8 billion this week, the highest since May, driven by the recent launch of an Ethereum ETF. The recent price rally has pushed total assets under management (AuM) to $99.1 billion, while year-to-date inflows have reached a record $20.5 billion.”
Bitcoin (BTC) investment vehicles saw inflows of $519 million.
According to CoinShares, Ethereum (ETH) flows have reacted similarly to the launch of an ETH exchange-traded fund (ETF), similar to how BTC flows reacted to the launch of a BTC ETF in January 2024.
“The launch of a US spot-based Ethereum ETF saw the largest inflows since December 2020, with the newly issued ETF seeing inflows of $2.2 billion and volume for the ETH ETP up 542%. This figure is somewhat controversial as Grayscale invested capital from its existing closed-end trust (around $1 billion) into its new Mini Trust ETF (a week ago), which may help explain the consistent outflows in recent years.
Grayscale’s existing trusts also continued to see outflows of $1.5 billion this week as some investors cashed out, bringing net outflows to $285 million last week.”
Multi-asset cryptocurrency investment vehicles saw inflows of $8.7 million, with Cardano (ADA), Litecoin (LTC), and XRP seeing inflows of $1.2 million, $600,000, and $500,000, respectively.
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