In a week marked by significant milestones such as the debut of Bitcoin Spot ETFs, cryptocurrency investment products recorded an unprecedented trading volume of $17.5 billion, according to the latest report from CoinShares.
Although inflows reached a remarkable $1.18 billion, they failed to surpass the record set in October 2021 with the launch of Bitcoin (BTC) futures-based ETFs that totaled $1.5 billion.
The report reveals that these investment products, managed by firms such as Bitwise, Grayscale and 21Shares, experienced exceptional trading activity, accounting for almost 90% of daily trading volumes on trusted exchanges last Friday.
This data is notable, since they normally range between 2% and 10%.
Bitcoin’s continued dominance in investment funds is evident, with notable inflows of $1.16 billion last week, representing 98% of total inflows.
Short-term Bitcoin investment products also saw modest inflows of $4.1 million.
In terms of other cryptocurrencies, Ethereum-based products attracted flows of $25.7 million, while XRP funds earned $2.2 million.
Solana, on the other hand, posted more modest revenues of $0.5 million.
Regionally, US-based funds dominated the week with inflows of $1.24 billion, as expected.
By contrast, Europe experienced outflows, with negative flows into Canada ($44 million), Germany ($27 million), and Sweden ($16 million).
It is suggested that the outflows could be due to the Bitcoin ETF, to switch from Europe to the US
Blockchain related stocks also boomed, with revenues of $98 million last week, adding to a seven-week streak totaling $608 million.
The report highlights the acquisition of Valkyrie Funds by CoinShares after the launch of Bitcoin ETFs in the market.
Although the acquisition seeks to extend the European success to the US market, Valkyrie’s Bitcoin ETF was the third-lowest trading volume among the 11 that debuted last Thursday, registering less than $9 million, compared to $1 billion for the BlackRock ETF and Grayscale’s $2.27 billion converted fund.
Last week marked a milestone in the world of cryptocurrencies with record trading volumes and notable inflows.
While Bitcoin continues to be the star, market dynamics and investment strategies are manifesting in specific regions and asset preferences.
The acquisition of Valkyrie Funds also underscores the companies’ strong global expansion in the digital asset space.
