Crypto-asset fund inflow
Is crypto optimism returning?
Last week, crypto-assets funds saw net inflows of US$ 293 million, bringing year-to-date inflows to a total of US$ 1.14 billion. According to Coinshares, this means that in 2023 the industry has experienced the third-highest annual crypto-asset fund inflows on record. Most of this year’s inflow has occurred in the last three weeks, with US$ 900 million in net fund inflows being recorded over that period. The sudden spike in crypto-asset demand is largely thanks to the growing optimism that US regulators will approve a spot Bitcoin ETF. Bitcoin’s price is up roughly 35% since the start of October 2023. At the same time, total assets under institutional management have increased by 99% since the start of 2023.