Weekly outflow of funds from crypto derivatives amounted to $21 million
At the same time, the volume of trades exceeded the average indicator of the previous year by 7 times
22.01.2024 - 14:55
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What’s new? Crypto derivatives saw $21 million in outflows last week, with trading volume seven times higher than last year’s 7-day average of $11,8 billion. Regionally, the US saw inflows of $263 million, while Canada and Europe combined saw outflows of $297 million. It indicates a migration of assets to the US, where management fees for cryptocurrency-based exchange-traded products are now more competitive, analysts at investment firm CoinShares said.
What else is known? BTC-based products saw minor outflows of $25 million, while short positions in the asset saw inflows of $13 million, which analysts attributed to a decline in its value.
Ethereum and Solana-based products saw outflows of $14 million and $8,5 million, respectively. Blockchain companies saw $156 million flow into equities, bringing inflows to $767 million over the past nine weeks.
CoinShares also noted that issuers with higher management fees for spot BTC ETFs have seen $2,9 billion in outflows since such products were allowed into the market on January 11. This includes Grayscale’s GBTC with fees at 1,5% — the highest compared to the other 10 funds in the US market.
Inflow of funds into Fidelity’s spot BTC ETF is the second after BlackRock to cross the $1 billion mark
The daily trading volume of FBTC fund shares amounted to $367 million
Despite this, the total flow for the 11 BTC ETFs since launch remains positive: $4,13 billion.
Last week, bitcoin surpassed silver to become the second-largest commodity ETF in the United States.
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