Spot Bitcoin ETFs secure record trading volume for crypto products: CoinShares
The launch of spot Bitcoin ETFs has pushed trading volumes in crypto investment products to a new weekly all-time high, with $17.5 billion in volume.
In a Jan. 15 Digital Asset Fund Flows report , CoinShares head of research James Butterfill said the trading volumes from the week ended Jan. 12 were the “highest on record,” noting that in 2022, weekly trading volumes averaged around $2 billion.
“These trading volumes represented almost 90% of daily trading volumes on trusted exchanges last Friday [Jan. 12], unusually high as they typically average between 2%-10%.”
Total weekly inflows hit $1.18 billion, though Butterfill noted it was “not a record” as the Bitcoin futures ETF launches in October 2021 brought $1.5 billion of inflows in the first week.
United States-based products made up for most of the inflows at $1.24 billion, while German and Swedish-based products saw respective outflows of $27 million and $15.5 million due to “traders looking to switch from Europe to the U.S.”
Canadian products also saw $44.2 million in outflows, the highest of any country, while Swiss-based products captured $24.2 million in inflows.
Crypto product fund flows by country. Source: CoinSharesMeanwhile, Bitcoin products had the highest inflows at $1.16 billion for the week, followed by Ether ( ETH ) funds with nearly $25 million. Bitcoin short funds recorded $4.1 million in inflows.
Related: BTC speculators dump $5B — 5 things to know in Bitcoin this week
XRP ( XRP ) followed with $2.2 million, while Butterfull called Solana ( SOL ) funds “the notable exception” as they saw just $500,000 of inflows.
ProShares crypto-linked ETFs, including the asset managers sp Bitcoin Strategy ETF (BITO), saw the largest weekly inflows at $265.2 million, while Grayscale Investments products saw $579.1 million in outflows.
Magazine: Asia Express: Hong Kong Bitcoin ETF FOMO, Thailand approves $14B airdrop
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
US equities pare recent losses after mixed inflation print
December’s CPI report shows the central bank has made some progress in moving inflation back down to its 2% target
What Are the Whales Doing Right Now in Cryptocurrencies and What Are Small Investors Doing? The Data is Clear
An analysis published by cryptocurrency analysis company Alphractal examined the behavior of whales and small investors.
BREAKING: FED Publishes Critical Beige Book Report – Here’s All You Need to Know
The FED has published the important Beige Book document, which is closely followed by cryptocurrency investors. Here are the details.
Another Positive News Came From Germany: One of the Largest Stock Exchanges Announces Bitcoin and Cryptocurrency Development
Boerse Stuttgart, one of Germany's leading stock exchanges, spoke about the Bitcoin and cryptocurrency service it provides in its statement.