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February 7, 2024

US Digital Asset ETF Inflows Surge to $7.7B

A staggering surge, with crypto-backed investment products raking in an impressive $7.7 billion

The crypto investment landscape continues to blaze with unprecedented fervor as digital asset management funds soar to new heights. According to a recent report by CoinShares, the influx of crypto-backed investment products in the US alone has surged to an astounding $7.7 billion, marking a record-breaking trend that underscores the growing mainstream acceptance of cryptocurrencies.

Headlining this surge is Bitcoin, the world's largest cryptocurrency, which has witnessed a staggering $703 million in inflows over the past week alone. James Butterfill, CoinShares' Head of Research, shed light on this remarkable trend, emphasizing Bitcoin's dominance in driving fund inflows within the crypto-backed investment sphere.

Bitcoin's meteoric rise in fund inflows, comprising 99% of total inflows in the recent period, serves as a testament to its enduring appeal and resilience in the digital asset landscape. Moreover, movements in short-Bitcoin funds, reflecting a noteworthy outflow of $5.3 million, underscore a pivotal shift in market sentiment, signaling a reversal from previous negative price trends.

As the crypto investment arena continues to evolve, Bitcoin remains the undisputed champion, spearheading record inflows and captivating investor interest worldwide. However, amidst Bitcoin's towering presence, altcoins like Solana, Ethereum, and Avalanche are emerging as formidable contenders, attracting significant inflows and diversifying investment portfolios. With digital asset management funds reaching unprecedented levels and new-generation services offering more affordable fee structures, the allure of crypto investments is poised to accelerate further, propelling the industry into uncharted territories of growth and innovation.

Neil Hodgson Coyle
Neil Hodgson-Coyle
Editorial chief at TechNews180
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