While Bitcoin and altcoins were waiting for the approval of the spot Bitcoin ETF, rumors of its disapproval caused BTC to experience a sudden and sharp decline.
At this point, Matrixport analysts, who recently argued that spot Bitcoin ETFs would be approved very soon and the BTC price would rise to $ 50,000, changed their minds.
Analysts, who stated in their last report that ETF approval may be delayed until the second quarter of 2024, claimed that the BTC price could fall between $ 36,000-38,000.
While BTC and altcoins are recovering after the rumors, CoinShares, which publishes its weekly cryptocurrency report every week, published its weekly report this week.
However, Coinshares research head James Butterfill said in his post on his X account that there was an inflow of 243 million dollars into cryptocurrency investment products last week, that is, in the last week of 2023.
“The last week of 2023 saw US$243 million inflows into digital asset ETPs, bringing total flows in 2023 to US$2.2 billion.”
According to Butterfil's post, Bitcoin experienced the highest fund inflow in 2023. While BTC was followed by the largest altcoin Ethereum (ETH), Solana (SOL), the shining star of 2023, ranked third.
The final week of 2023 saw US$243m of inflows into digital asset ETPs, bringing 2023 total flows to US$2.2bn. pic.twitter.com/EtdHQWlu2K
— James Butterfill (@jbutterfill) January 3, 2024
As it is known, since a spot Bitcoin ETF has not yet been approved in the USA, institutional investors in the USA invest in Bitcoin and altcoins through trusts and cryptocurrency ETPs such as GBTC.
*This is not investment advice.