Weekly inflows into crypto derivatives hit a record at $2,7 billion

Bitcoin accounted for over 96% of the total amount of funds

11.03.2024 - 14:15

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What’s new? Digital asset-based investment products saw record weekly fund inflows of $2,7 billion, CoinShares analysts said in a new report. That brings the YTD figure to $10,3 billion, only slightly less than the all-time high of $10,6 billion for all of 2021. Weekly trading reached $43 billion, also breaking last week’s record ($30 billion). The growth in the crypto market saw total assets under management (AuM) of cryptocurrency investment firms increase 14% week-over-week and 88% YTD, also peaking at $94,4 billion.

CoinShares’ report

What else is known? Regionally, the largest inflow of funds from March 4 to March 8 was recorded in the United States with $2,8 billion. Switzerland and Brazil followed with $21 million and $18 million, respectively. At the same time, traders in Germany, Sweden, and Canada are locking in profits, resulting in outflows of $77 million, $39 million, and $35 million in those countries, respectively.

Bitcoin continues to be the focus of investors’ attention, with its share of total funds exceeding 96% ($2,6 billion) for the week. Inflows into products based on the asset have reached 14% of crypto investment companies’ AuM since the beginning of the year. Despite the rapid rate hike and the renewal of the all-time high above $70 000, short positions also recorded $11 million in inflows.

Daily trading volume for ten spot BTC ETFs hit a record above $10 billion

This may indicate the traders’ desire to fix profits on the background of the growth of the asset rate

Products based on the native token of the Solana (SOL) blockchain that previously faced a surge of negative sentiment and outflows, ended last week with a positive result of $24 million. Conversely, Ethereum, which has improved significantly year-on-year, recorded an outflow of $2,1 million.

Among other altcoins, Polkadot (DOT), Fantom (FTM), Chainlink (LINK), and Uniswap (UNI) stand out, with derivatives based on these assets receiving $2,7 / $2 / $2 / $2 / $1,6 million respectively.

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