Traders flock to US crypto products after spot ETF approvals: CoinShares
The trading of U.S. spot Bitcoin ETFs brought all-time high weekly trading volumes for crypto investment products, according to CoinShares.
United-States based crypto investment products have "dominated" inflows over the past week after the approval of spot Bitcoin ETFs in the country, according to the latest report from CoinShares.
In a Jan. 15 Digital Asset Fund Flows report, CoinShares head of research James Butterfill noted that United States-based funds saw a whopping $1.24 billion of inflows from the week ended Jan. 12, while Canada, Germany, and Sweden-based products experienced outflows due to "basis traders looking to switch from Europe to the US."
Canadian products also saw $44.2 million in outflows, the highest of any country, while Swiss-based products captured $24.2 million in inflows.
On Jan. 10, the United States Securities and Exchange Commission (SEC) approved 11 spot Bitcoin ETF products, with 10 launching the very next day.
Butterfill noted the launch of spot Bitcoin ETFs pushed trading volumes in crypto investment products to a new weekly all-time high, with $17.5 billion in volume.
“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.
Meanwhile, Bitcoin products had the highest inflows at $1.16 billion for the week, followed by Ether
ETH
$2,528
funds with nearly $25 million. Bitcoin short funds recorded $4.1 million in inflows.
