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Investors poured more than $2 billion into digital asset investment exchange traded products (ETPs) in 2023, making it the third largest year in terms of net inflows since 2017, according to data provided by CoinShares. The inflow was $2.2 billion, more than double the amount in 2022. “Most of the funds took a hit in the last quarter as it became increasingly clear that the SEC was gearing up to launch a Bitcoin spot-based ETF,” said CoinShares’ James Butterfill. ” he said. In the US. “In the last week of 2023 alone, net inflows into digital assets ETP amounted to $243 million.
ether (Ethereum) This comes after Celsius, a cryptocurrency finance company undergoing restructuring amid bankruptcy proceedings, announced it would release its holdings in the second-largest cryptocurrency, removing factors that may have contributed to the token’s poor performance in recent months. Prices are likely to rise in the coming weeks. The company, which is transitioning into a Bitcoin miner, previously announced that its activities would include staking. The company has been selling staking rewards on the open market to cover costs related to its restructuring plan. “Celsius will de-stake existing ETH holdings that have provided the estate with valuable staking reward income to offset certain costs incurred through the restructuring process,” the company said on XPost. “Massive unstaking activity in the coming days will unlock ETH and ensure timely distribution to creditors.”
Celestia’s TIA token has risen more than 22% in the past 24 hours, bucking the overall market slowdown trend as investor interest in staking the token gained momentum along with growing hype around blockchain’s underlying technology . TIA traded at just under $17 early Friday morning Asian time, but has since risen slightly. According to data from CoinGecko, trading volume was around $800 million in the past 24 hours, the highest ever. Staking involves locking coins into a cryptocurrency network in exchange for a reward. Using his TIA on its native platform gives users a profit of 15% to 17% per year, excluding fees. Demand for the cryptocurrency appears to be driven by its unusually high yield compared to the so-called risk-free rate of 4% offered by 10-year U.S. Treasury bills. As of Friday, TIA’s market capitalization was just under $2 billion. This means that in a bull market, valuations can rise even further, allowing participants to profit from both their inflated payouts and the initial capital they staked.
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