In January 2023, the digital currency market saw a vast improvement that allowed for institutional capital to start flowing back into crypto funds.
According to the CoinShares report, wealthy investors poured a staggering $76 million into crypto-related instruments over the course of one week.
Cryptophones have skyrocketed in profitability since the start of this year, raising a total of $230 million. Now managing an incredible worth of digital assets totaling up to $30.3 billion, these cryptophones are performing better than ever – their highest figures since August 2022! The authors behind this report could not be more proud and excited for what is yet to come next.
Out of the $76 million allocated, a large portion – $69 million to be exact – was directed towards bitcoin funds. As much as 90% of this capital went into cryptocurrency instruments pertaining primarily to the largest digital asset in existence today: Bitcoin.
Last week, investors from the United States, Canada and Germany made an impressive investment in crypto funds with $38 million, $25 million and $24 million respectively — representing a lion’s share of funding.
Investment firms dispatch tiny contributions to funds dedicated to altcoins such as Cardano, Solana and Polygon. The inflow of funds into Ethereum instruments amounted to about $700,000.