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Bitcoin and counterfeit coins have benefited from a large influx of funds this year, but the problem of tight supply of Bitcoin still exists.
In the latest weekly report on November 13th, CoinShares, a cryptocurrency asset management company, further elaborated on the claim that Bitcoin and counterfeit currency are once again attracting capital.
The asset management scale of crypto institution products has increased by 99% since the beginning of the year
Data from TradeView confirms that the total market value of cryptocurrencies has increased by $600 billion since November 2022.
However, CoinShares revealed that in the past two months, there has been a sharp increase in funds used for crypto investment products.
Last week, the total inflow of funds into digital asset investment products was $293 million, with seven consecutive weeks of inflows exceeding the $1 billion mark. The inflow so far this year is $1.14 billion, setting the third highest annual inflow on record.
The Asset Under Management (AUM) statistics for Cryptocurrency Exchange Traded Products (ETP) are one of the impressive statistics showing the revival of cryptocurrencies in 2023.
Since the beginning of this year, this number has almost doubled, rising by nearly 10% in the past week alone.
CoinShares pointed out, "The total assets under management currently reach $44.3 billion, which is the highest level since the major crypto fund collapse in May 2022
The report adds that those who aim to long BTC account for the largest share of trading volume.
The report states: "Last week, the total inflow of Bitcoin funds was $240 million, pushing the year-to-date inflow to $1.08 billion, while short selling Bitcoin resulted in an outflow of $7 million, indicating continued optimism in market sentiment
This is what adoption looks like
At the same time, new interest has prompted on chain analysis company Glassnode to reassess the dynamics of Bitcoin supply.
The latest weekly communication "One week on the chain" shows that the next block subsidy reduction is only five months away, and the BTC used for storage has now exceeded 2.4 times of mining output.
The fourth halving event is approaching, which is an important fundamental, technical, and philosophical milestone compared to Tecoin. For investors, given the impressive returns in previous cycles, this is also an interesting area, "it commented.
Among the accompanying charts, one shows the BTC supply storage of long-term holders (LTH) - LTH is an entity that holds tokens for 155 days or more.
Philip Swift, creator of the statistical platform LookIntoBitcoin, continues to emphasize that wallet entities of all sizes are constantly increasing.
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