Crypto fund inflows at asset managers such as CoinShares, Grayscale, ProShares and 21Shares reached $2.2 billion last year, dominated by bitcoin investment products, according to CoinShares’ 2023 report.

The yearly total marks a significant turnaround compared to 2022 — with 2.7 times the amount of inflows in 2023 marking the third-largest year based on data going back to 2017, CoinShares Head of Research James Butterfill said. However, the flows were still substantially lower than the $10.7 billion witnessed in 2021 and $6.6 billion in 2020.

“Much of the recovery was in the final quarter where it became increasingly clear that the SEC was warming up to the launch of bitcoin spot-based ETFs in the United States,” Butterfill wrote.

Bitcoin funds were indeed the main benefactor, …