Weekly inflow of funds into crypto derivatives breaks a record at $2,9 billion

What’s new? Inflows into cryptocurrency derivatives from March 11 to March 15 totaled $2,9 billion, beating the previous week’s all-time high of $2,7 billion, analysts at investment firm CoinShares reported. Total inflows since the beginning of the year reached $13,2 billion, which is also more than the previous record of $10,6 billion, which was set at the end of all of 2021.

CoinShares’ report

What else is known? Bitcoin-based investment products saw inflows of $2,86 billion last week. The asset’s share of total inflows since the beginning of the year is 97%. At the same time, the positive flow in short positions on the asset remained for the fifth week in a row: for the week it amounted to $26 million, which was a record for the year.

On March 14, the bitcoin rate updated its all-time hih above $73 500, after which it corrected by 7% and by the time of writing amounted to $68 406.

At the same time, derivatives based on the largest altcoins faced an outflow of funds: for Ethereum, Polygon, and Solana it amounted to $14 million, $6,8 million, and $2,7 million, respectively.

By now, activity in the Ethereum and Solana networks has significantly increased, with ETH and SOL rates adding 0,09% and 7,5% over the day. In the case of Ethereum, the increase in activity is associated with the Decnun upgrade, which reduced the fees for transactions in the Layer 2 (L2) networks. The popularity of new meme tokens based on Solana led to the fact that SOL rose from fifth to fourth place in the overall ranking of cryptocurrencies by market capitalization.

Shares of blockchain companies, on the other hand, are showing a recovery, with $19 million invested, breaking a six-week streak of outflows, according to CoinShares.

Regionally, the largest inflow of funds was recorded in the United States: $2,95 billion. Inflows were also seen in Brazil, Hong Kong, and Australia: $24 million, $15 million, and $5 million, respectively. At the same time, the cumulative outflow in Canada, Germany Sweden, and Switzerland amounted to $78 million.

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Last week also saw a record daily inflow into US spot bitcoin exchange-traded funds (ETFs), which totaled $1,05 billion on March 12. The maximum daily trading volume of BTC ETF units was recorded on March 5 at $10,39 billion.