Cryptocurrency investment products record net inflow of 14.5 billion yen in one week – CoinShares

A total of 14.5 billion yen in net inflows in the past week

According to data from crypto asset (virtual currency) investment company CoinShares, the amount of money flowing into existing virtual currency investment products for the week ending on the 23rd totaled $103 million (14.5 billion yen). . The total assets under management (AUM) of the target funds is estimated to be $5.2 billion (730 billion yen).

US$103m inflows in digital assets last week, no report on Monday. Merry Christmas! pic.twitter.com/xAVzCrPPkQ

— James Butterfill (@jbutterfill) December 23, 2023

Last week, the 11-week trend of excess inflows temporarily stopped, and despite an outflow of $16 million (approximately 2 billion yen), inflows are accelerating again.

This appears to be due to institutional investors investing ahead of the US Securities and Exchange Commission’s (SEC) approval of Bitcoin (BTC) spot ETFs. Of the $103 million inflow, $87.6 million, or 85%, was concentrated in Bitcoin-only funds.

Expectations for the approval of Bitcoin spot ETFs in the US are increasing day by day. Ark Invest CEO Cathie Wood appeared on CNBC this week and said that the SEC’s understanding of the issues and depth of its knowledge has improved, saying, “Approval by January 10, 2024 is likely.” It’s expensive,” he said.

Data source: Bloomberg

ARK Invest has jointly applied with 21Shares to list the Bitcoin ETF “ARK 21Shares Bitcoin ETF (resubmitted)” with the SEC (U.S. Securities and Exchange Commission), and the deadline for review is January 10th. Market analysts expect the US Securities and Exchange Commission (SEC) to approve multiple Bitcoin ETFs by January 10 to avoid becoming kingmakers.

Wood also expects the approval of Bitcoin ETFs to be an entry point into the space for institutional and other investors. “They’re looking for ways to diversify, and we want to actively manage that strategy,” he added.

connection:“Bitcoin will exceed $50,000 by the end of January 2024” Matrixport predicts, based on the year-end sales season and the excitement of virtual currency-related stocks

Significant influx in Germany and Canada

Additionally, cryptocurrency services company Matrixport predicts that the BTC price will exceed $50,000 by the end of January. Recently, investment in related stocks such as Bitcoin mining and Coinbase has been increasing, and this is one of the reasons for the price rise.

The financial market’s interest rate cut stance toward 2024 also has an impact, and BTC has risen 13% in the past 30 days and 160% year-to-date. The total AUM of Bitcoin funds as compiled by Coinshares reached $3.7 billion.

Geographically, Germany and Canada are the top two with inflows of $41.6 million and $35.8 million, respectively. The United States and Switzerland recorded $20.4 million and $15 million. According to BitMEX, as of December 22, 2023, there are approximately 150 cryptocurrency-related exchange-traded financial products (ETPs), with a total of $50.3 billion (approximately 7 trillion yen) in assets under management. .

connection:Total BTC held by global Bitcoin ETFs reaches 3.8% of maximum supply = CoinGecko analysis

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