Inflows into digital asset investment products in 2023 have now surpassed the total inflows of last year, according to new data from CoinShares.
Inflows totaled $261 million last week, the sixth straight week of inflows, and that brought the year-to-date total to $767 million. The total inflows for 2022 were $736 million.
Bitcoin represented $229 million of the inflows last week, likely due to continued optimism that the U.S. Securities and Exchange Commission (SEC) will soon approve a spot bitcoin exchange-traded fund (ETF).
Notably, Ethereum reversed its trend of outflows this year and saw inflows of $17.5 million, the highest level since August 2022. Solana, the ecosystem for decentralized applications and its native SOL token, continued to show strength, with $10.8 million entering to bring the year-to-date total inflows up to $109 million.
The only outflows for the week were the $4.2 million leaving multi-asset funds.
The total inflows last week tied the numbers from July 2023 to become the largest set of inflows since the end of the bull market in December 2021.