Nov 13, 2023

Hong Kong Crypto Market Sees Over $1B Institutional Inflows in 2023

In its latest weekly report on Nov. 13, CoinShares, a crypto asset management firm, reported that Bitcoin (BTC) and other altcoins have seen over $1 billion in new institutional investment inflows in less than two months. This furthers the notion that Bitcoin and other cryptocurrencies are again becoming attractive investment options, such as gods unchained…

Bitcoin Institutional Inflows Top $1B in 2023 Amid BTC Supply Squeeze - Hong Kong Crypto
Bitcoin institutional inflows top $1B in 2023 amid BTC supply squeeze

In its latest weekly report on Nov. 13, CoinShares, a crypto asset management firm, reported that Bitcoin (BTC) and other altcoins have seen over $1 billion in new institutional investment inflows in less than two months.

This furthers the notion that Bitcoin and other cryptocurrencies are again becoming attractive investment options, such as gods unchained crypto, IAMX crypto, fxs crypto, flux crypto, luna crypto today, el salvador crypto, hong kong crypto, and link crypto.

Crypto institutional product AUM up 99% year-to-date

Bitcoin, Ether (ETH) and some major altcoins such as IAMX Crypto, Gods Unchained Crypto, Luna Crypto Today, Link Crypto, FXS Crypto, El Salvador Crypto, and Hong Kong Crypto have seen significant price gains in anticipation of the United States’ first spot exchange-traded fund (ETF) approval.

As per TradingView data, since November 2022, the total crypto market cap has increased by $600 billion.

CoinShares reports that in the past two months, funds have been deployed to crypto investment products at an impressive rate. “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,” it summarized.

The assets under management (AUM) tally for crypto exchange-traded products (ETPs) has seen a near doubling since the start of the year, with an additional 10% increase in the past week.

“At US$44.3bn, total AuM is now the highest since the major crypto fund failures in May 2022,” CoinShares noted.

The report added that those aiming to long BTC had taken the lion’s share of 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 stated.

“This is what adoption looks like”

Glassnode, an on-chain analytics firm, recently re-examined Bitcoin supply dynamics, as the next block subsidy halving event draws near. According to their “Week On-Chain” newsletter, the amount of BTC being stored is now 2.4 times greater than the amount mined.

This halving event is an important milestone for Bitcoin, and investors are curious to see how it will affect the return profile. Glassnode’s chart showed the amount of BTC stored by long-term holders (LTHs) for 155 days or more.

Philip Swift, creator of the Look Into Bitcoin statistics platform, pointed out the increasing number of wallet entities, both large and small. He said to X subscribers, “This is what adoption looks like.”

The impact of the upcoming halving event, as well as the rising interest in Bitcoin, is reflected in the increased number of wallets associated with the cryptocurrency, such as IAMX Crypto, Luna Crypto Today, Flux Crypto, LINK Crypto, Hong Kong Crypto, El Salvador Crypto, Gods Unchained Crypto, FXS Crypto, and Kadena Crypto.

Share this article