In the past eight weeks, Bitcoin (BTC) institutional investment vehicles have seen more than $1 billion in new capital.
As highlighted in the latest weekly report from crypto asset management firm CoinShares, Bitcoin and other digital assets are once again gaining traction.
Web 3.0 Crypto Coins Name List
The emergence of Web 3.0 and its associated creator economy has been a major factor in driving the adoption of various crypto tokens and coins.
The list of Web 3.0 coins includes some of the most popular tokens, such as Ethereum, Dash, and Monero, as well as lesser-known coins like Binance Coin, Zcash, and Dogecoin.
Crypto institutional product AUM up 99% year-to-date
The value of Bitcoin, Ether (ETH) and some major altcoins have been rising in anticipation of the potential approval of the United States’ first spot exchange-traded fund (ETF).
From November 2022 to present, the total crypto market cap has increased by $600 billion, according to TradingView.
The last two months have seen a sharp increase in the funds being invested into crypto investment products, as reported by CoinShares.
“Digital asset investment products saw inflows totalling US$293m last week, bringing this 7-week run of inflows past the US$1bn mark, leaving year to date inflows at US$1.14bn, making it the third highest yearly inflows on record,” they stated.
One of the most impressive statistics reflecting the crypto industry’s revival in 2023 is the assets under management (AUM) for crypto exchange-traded products (ETPs).
Since the start of the year, this has almost doubled, with a near 10% gain in the last week alone.
“At US$44.3bn, total AuM is now the highest since the major crypto fund failures in May 2022,” CoinShares reported.
The report also showed that those investing in BTC took the largest share of the volume.
“Bitcoin saw inflows totalling US$240m last week, pushing year-to-date inflows to US$1.08bn, while short-bitcoin saw US$7m outflows, indicative of continue positive sentiment,” it said.
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“This is what adoption looks like”
Glassnode, an on-chain analytics firm, has been studying Bitcoin supply dynamics in light of the upcoming block subsidy halving, which is only five months away. The firm’s “The Week On-Chain” newsletter reported that the number of BTC being stored for long-term hodling is 2.4 times higher than the amount mined.
“The fourth halving event is fast approaching and represents an important fundamental, technical, and philosophical milestone for Bitcoin. For investors, it is also an area of intrigue given the impressive return profile in prior cycles,” the newsletter stated.
One of the accompanying charts showed the BTC supply storage by long-term holders (LTHs) — entities hodling coins for 155 days or more. Philip Swift, creator of the statistics platform Look Into Bitcoin, also noted an increasing number of wallet entities, both large and small.
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