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Investors have piled $1 billion into crypto funds in 2023, the 3rd-highest annual inflow on record

cryptocurrency
A man walks past an electric board showing exchange rates of various cryptocurrencies including Bitcoin (top L) at a cryptocurrencies exchange in Seoul, South Korea December 13, 2017REUTERS/Kim Hong-Ji
  • Crypto fund inflows added $293 million last week, pushing the total for the year above $1 billion, per CoinShares.

  • Year-to-date inflows have hit $1.14 billion, the third-highest yearly inflow on record.

  • Total assets under management jumped 9.6% last week, and are up 99% year-to-date, the report said.

Cryptocurrencies like bitcoin and ether have rebounded in 2023, helping to generate big inflows to crypto funds through the course of the year.

According to CoinShares, asset managers including ProShares, 21Shares, Grayscale, and others have seen more than $1 billion in inflows so far this year, with $293 million in just the last week.

Year-to-date inflows are at $1.14 billion, marking the third-highest on record, CoinShares said. At the same time, total assets under management jumped 9.6% last week, and 99% since the start of 2023.

Cryptocurrency asset inflows via CoinShares
Weekly crypto asset inflowsCoinShares

At $44.3 billion, total assets under management are now at the highest since May 2022.

Last week, bitcoin fund inflows totalled $240 million, while ether investment products saw the largest inflows since August 2022, at $49 million.

Bitcoin has gained more than 120% this year, and ether is up about 76%. Optimism has swirled in recent months over the possibility that the US could soon see its first spot crypto ETF, with asset management giants including BlackRock and Fidelity applying for approval with the Securities and Exchange Commission.

Last week, BlackRock also filed for the approvals of an ethereum ETF.

Bitcoin's upcoming "halving" has also fueled gains as investors prepare for the event, which is expected around the middle of next year. Previous halving events have been followed by new highs in the token over the following 12 months.

Industry veterans have forecasted that the event could send bitcoin back to record highs and beyond, with some forecasters eyeing prices above the six-figure mark.

Read the original article on Business Insider

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