Crypto products get off to a good start in 2024

The entries in the crypto investment products totaled 151 million dollars during the first week from 2024.

On Monday, British crypto manager CoinShares reported that digital asset investment products saw inflows of $151 million in the first week of the year.

Although a cash ETF has not yet been launched in the US, 55% of inflows came from US exchanges, with Germany and Switzerland recording 21% and 17% respectively,” he points out.

In 2023, crypto products recorded inflows almost 3 times higher than in 2022. This momentum is set to continue in 2024, when the US regulator SEC is reportedly set to approve a spot ETF on Bitcoin.

Last week, Bitcoin products accounted for the largest share of inflows, at $113 million. Inflows into products linked to runner-up Ethereum totalled $29 million. A “ marked reversal of sentiment”, for the manager.

Other altcoin products that saw notable inflows were those on Cardano, Avalanche and Litecoin, with $3.7 million, $2 million and $1.4 million respectively.

Products on Solana, meanwhile, recorded outflows totalling $5.3 million. The price of SOL, which began to rise again last year and reached a one-and-a-half-year high at the end of December, fell back to around 90 dollars at the start of the year.

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