Crypto investment products saw record $17.5 billion trading volume last week: CoinShares
Quick Take Crypto investment products witnessed record trading volume of $17.5 billion last week, according to CoinShares. These products also saw $1.18 billion worth of inflows, though fell short of the $1.5 billion record set when futures-based ETFs launched in October 2021.
“These trading volumes represented almost 90% of daily trading volumes on trusted exchanges last Friday, unusually high as they typically average between 2%-10%,” CoinShares’ Head of Research James Butterfill wrote.
These investment products also saw $1.18 billion worth of inflows last week, subject to T+2 settlement, Butterfill added. T+2 settlement refers to a process where the settlement of a securities transaction occurs two business days after the trade is executed. However, the inflows fell short of the $1.5 billion record set when the futures-based ETFs launched in October 2021.
Weekly crypto asset flows. Image: CoinShares .
Bitcoin dominated among funds, US regionally
Unsurprisingly, bitcoin funds dominated, registering $1.16 billion or 98% of the total inflows, while short bitcoin investment products witnessed minor inflows of $4.1 million.
In terms of other crypto assets, Ethereum-based products saw inflows worth $25.7 million and XRP funds $2.2 million. Solana investment products brought in just $0.5 million of inflows.
Regionally, U.S.-based funds also dominated last week as expected, generating $1.24 billion of inflows, while Europe registered minor outflows overall. “We suspect the outflows seen in Europe and Canada (Canada $44 million, Germany $27 million and Sweden $16 million) were basis traders looking to switch from Europe to the U.S.,” Butterfill said.
Blockchain equities also witnessed $98 million worth of inflows last week, adding to a seven-week streak now totaling $608 million.
CoinShares exercises option to acquire Valkyrie Funds following spot bitcoin ETF approval
Following the debut of the newly approved spot bitcoin ETFs on Thursday, including the Valkyrie Bitcoin Fund (BRRR), CoinShares said it had exercised the option to buy Valkyrie Funds.
"Exercising our option to acquire Valkyrie Funds aims at extending our European success in the U.S., offering unparalleled access to regulated digital asset products to American investors. This expansion is a clear statement of our appetite for acquisition to support our ambition to be a global leader in the digital asset space," CoinShares CEO Jean-Marie Mognetti said in a statement on Friday.
However, Valkyrie's spot bitcoin ETF was the third lowest performer by trading volume among the 11 spot bitcoin ETFs that debuted on Thursday. It saw just under $9 million of trading volume during the day, compared to $1 billion for BlackRock’s ETF and $2.27 billion for Grayscale's converted fund.
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.
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