Cryptocurrency

Solana

Bitcoin ETF

Bitcoin

Source: Adobe / Luisa 
Cryptocurrency funds recorded $103 million inflows in the penultimate week of the year as institutional investors keep momentum toward a spot Bitcoin (BTC) ETF approval by the Securities and Exchange Commission (SEC).&nbsp; 
Recent data provided by <a href="https://twitter.com/jbutterfill/status/1738626002530467924?s=46&amp;t=sCvh3f3rMDfXyJcf1y1Eyg">CoinShares shows massive inflows</a> into digital asset investment products in the last seven days with BTC and altcoins staying in the green zone. After posting $16 million outflows the previous week, bulls seek to press on with the momentum garnered at the start of the month.&nbsp; 
US$103m inflows in digital assets last week, no report on Monday. Merry Christmas! <a href="https://t.co/xAVzCrPPkQ">pic.twitter.com/xAVzCrPPkQ</a> 
— James Butterfill (@jbutterfill) <a href="https://twitter.com/jbutterfill/status/1738626002530467924?ref_src=twsrc%5Etfw">December 23, 2023</a> 
Total weekly inflows stood at $103 million while assets under management (AUM) sit slightly above $52 billion as on-chain activity and decentralized finance (<a href="https://cryptonews.com/news/defi-news/">DeFi</a>) activity ramps up. 
<h2 id="bitcoin-powers-up-the-market">Bitcoin powers up the market&nbsp;</h2> 
 Bitcoin had the lion’s share of inflows as expected raking in $87.6 million, a staggering 85% of weekly positive movements. <a href="https://cryptonews.com/coins/bitcoin/">BTC</a> continues to be a favorite asset for institutional investors in recent weeks due to three major reasons. 
First, the <a href="https://cryptonews.com/news/us-approved-spot-bitcoin-etfs-could-surpass-entire-50-billion-crypto-etp-market-bitmex.htm">anticipation of a spot Bitcoin ETF</a> drags more investment to the sector with several wealth managers predicting a potential approval next usage amid key filings, edits, and court victories recorded in recent months.&nbsp; 
Approval of a spot BTC ETF in the United States is expected to introduce a new financial cycle in the market with multiple estimates from industry executives and analysts.&nbsp; 
Notably, it will create a new window of entry for institutional funds in the market. According to Matrixport, the price of the asset could go over $50,000 while market analysts at Bitfinex predict an upward movement should the status quo remain. 
Secondly, after a horrid 2022 which saw the price of Bitcoin <a href="https://cryptonews.com/news/crypto-prices-crash-as-ftx-crypto-exchange-collapses-what-we-know-so-far.htm">plummet over 55%</a> due to macroeconomic factors, this year has seen picks leading to more exposure by investors. 
At press time, BTC exchanges hands at $43,477, a 16% increase in the past 30 days and over 155% growth in the last 12 months. BTC’s AUM stands at $37 billion as the price surge continues.&nbsp; 
Finally, the price of Bitcoin and institutional inflows continue to rise as a result of the upcoming halving which has seen miners double down on their efficiency with bulls expecting the regular price surge. 
<h2 id="altcoins-maintain-bullish-momentum">Altcoins maintain bullish momentum</h2> 
 Altcoins were also in the green zone in terms of institutional products after notching slight price gains and attracting entry to its investment funds.&nbsp; 
Ethereum (<a href="https://cryptonews.com/coins/ethereum/">ETH</a>) inflows of $7.9 million while e-bike Solana and multi assets posted $6 million and $2.3 million respectively. Solana continues his good run with increased AUM and transaction volumes amid a <a href="https://cryptonews.com/news/solana-and-avalanche-take-the-2023-throne-with-620-and-290-price-growth-more-news.htm">skyrocketing asset price</a>.&nbsp; 
On the geographical front, Germany and Canada led the pack with $41.6 million and $35.8 million in inflows while the United States and Switzerland recorded $20.4 million and $15 million respectively.

Digital Asset Products Record $103 Million Inflows as Assets Under Management Maintains $52 Billion Position

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