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Cryptocurrency investment products racked up a record $17.5 billion in trading volume last week as sentiment soared amid the landmark launch of spot Bitcoin ETF products, CoinShares said.
Inflows Reach $1.18 Billion With Bitcoin Funds Dominating
With trading volumes skyrocketing, inflows receive by funds including such names as Bitwise, Grayscale and 21Shares reached $1.18 billion, an amount that failed to break the $1.5 billion record set at the launch of futures-based Bitcoin ETFs in October 2021, said head of research James Butterfill.
Bitcoin funds dominated with $1.16 billion in inflows, constituting 98% of the total. Meanwhile, short BTC investment products recorded inflows of up to $4.1 million.
Altcoins, with a special interest in Ethereum-based products recorded inflows of up to $25.7 million while XRP-related funds witnessed $2.2 million of inflows. Solana-based investment products recorded inflows of $0.5 million.
US Draws $1.24 Billion As BTC ETF Funds Launched
The US led other markets with $1.24 billion of inflows, while Switzerland was next with $21 million. Butterfill said he suspects that outflows from Europe & Canada (Canada $44m, Germany $27m and Sweden $16m) were traders looking to switch from Europe to the US.
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