Weekly inflow of funds into crypto derivatives amounted to 30 million dollars

What’s new? According to analysts at investment firm CoinShares, there was a positive result for fund flows related to cryptocurrency derivatives at the end of last week. Although inflows into cryptocurrency derivatives totaled only $30 million, down 83% from the previous week's result, CoinShares says it indicates different trends among providers of such products.

CoinShares report

What else is known? According to experts, issuers of newer investment products managed to take away some market share from established providers. At the same time, the total trading volume fell by 50% over the week and amounted to $7,6 billion, which the company explains by the publication of macroeconomic data indicating a low probability of interest rate reduction by the US central bank. Earlier, traders admitted that monetary policy mitigation should be expected in September.

In terms of region, the flows were uneven. Thus, in the US, Canada and Brazil the inflow amounted to $62 million, $9,2 million and $7,2 million, respectively, while in Switzerland and Hong Kong investors withdrew $30 million and $14 million from crypto derivatives.

The largest inflow traditionally came from bitcoin-based products ($42 million), while short positions in the asset saw outflows totaling $1 million for the second week.

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Ethereum-based derivatives attracted only $4,2 million. At the same time, new spot exchange traded funds (ETFs) launched in the U.S. on July 23 attracted $104 million, but this result was corrected by a $118 million outflow from the Grayscale fund, which is not new and previously operated as a trust with no redemption option for units.

As for the native blockchain token Solana (SOL), which CoinShares previously named as the favorite altcoin of cryptocurrency investors, this time products based on it faced the largest ever outflow of $39 million. Analysts attributed this to a sharp drop in the trading volume of Solana-based meme coins. In the current market cycle, it is in this blockchain that most of the most successful meme coins have appeared.

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Currently, 12 spot BTC-ETFs and nine spot ETH-ETFs are traded on the US stock exchanges Nasdaq, NYSE and CBOE. The most successful funds are IBIT and ETHA from the world's largest investment company BlackRock, with inflows of $20,39 billion and $0,977 billion in cryptocurrencies, respectively.