Outflows from cryptocurrency investment products, recorded last week, gave way to inflows — $103m in the period from 16 to 22 December. According to James Butterfill, head of research at CoinShares.
US$103m inflows in digital assets last week, no report on Monday. Merry Christmas! pic.twitter.com/xAVzCrPPkQ
— James Butterfill (@jbutterfill) December 23, 2023
In “standard” Bitcoin funds, investors put in $87.6m, reversing outflows of $32.8m in the previous reporting period. Vehicles enabling short positions in Bitcoin drew $0.4m.
ETP based on Ethereum accounted for $7.9m. In Solana-based instruments, $6m were attracted, while Litecoin- and Avalanche-based products saw outflows of $0.4m and $2.6m, respectively.
Earlier, Sixdegree Lab researchers said that the recent rebound in the cryptocurrency market was not related to inflows from external sources.
CryptoQuant analysts forecast Bitcoin price rise to $54,000 in early 2024 and to $160,000 after the halving.