Every week, crypto exchange fund provider CoinShares explains how much money flows in and out of different crypto exchange funds. But last week's report is different. The company included not only last week's data, but also all of 2023. The funds grew significantly faster than in 2022.
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Crypto exchange funds
According to the research report, the market ended the last week of the year with the sixth-largest growth of the year. According to the chart, the amount will be around $250 million. However, we don't know exactly how much this amount is; CoinShares does not go into detail about this. In any case, it is one of the largest amounts of the year. The amount was also about twice as high as the week before.
The stock market fund provider found it more interesting to explain in detail how 2023 will compare to previous years. Overall, the stock market funds examined grew by $2,225 million this year. This is the largest growth since the 2021 bull market, when the sector managed to grow $10,635 million.
Although this is significantly more, it is a significant improvement compared to the bear market in 2022. At that time, only a net amount of $816 million flowed into the market. This means that the funds grew 2.7 times faster than in 2022. The funds examined, which not only include the exchange products from CoinShares itself, were worth around $51 billion at the end of 2023.
Bitcoin and Solana the most popular
Bitcoin (BTC), as usual, was the biggest beneficiary, attracting about $1,935 million of the $2,225 million. That's 87% of the total. This ratio has never been higher, as the previous high came in 2020 and was 80% of the total.
The next coin on the list was Solana (SOL), whose exchange funds grew by $167 million last year. This altcoin grew relatively much faster than any other coin. In total, these funds are only worth $839 million. This means that the exchange funds for Solana have grown by 20%.
Notably, Ethereum (ETH) performed significantly worse. Net funds for the largest altcoin did grow last year, but the growth was very disappointing at $78 million.
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