Inflow of funds into crypto derivatives amounts to $1,18 billion over the week

The surge in activity is due to the approval of spot bitcoin ETFs in the United States

15.01.2024 - 14:35

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3 min

What’s new? In the first week of the launch of spot bitcoin exchange-traded funds (ETFs) in the United States, total inflows into cryptocurrency derivatives totaled $1,18 billion with a trading volume of $17,5 billion, according to analysts at CoinShares. While weekly inflows fell short of the record of $1,5 billion set in October 2021 with the launch of futures BTC ETF, trading volume reached its highest point in recorded history.

CoinShares’ report

What else is known? As expected, when broken down by region, the United States dominated with inflows of $1,24 billion, followed by Switzerland with $21 million, while Canada, Germany, and Sweden recorded outflows of $44 million, $27 million, and $16 million respectively, with analysts attributing this to traders’ desire to move to the US market.

Bitcoin ETFs trading volume exceeds $4,5 billion at the end of the first day

Half of that amount came from Grayscale’s exchange-traded fund

Bitcoin-based products received $1,16 billion in the past week, this amount represents 3% of the total assets under management (AuM) of crypto investment companies. Short positions in the asset also saw inflows of $4,1 million.

Ethereum saw $26 million in inflows, while XRP saw $2,2 million in inflows. Solana was a notable exception, receiving only $0,5 million, with SOL becoming a favorite asset of investors in crypto derivatives last year.

Blockchain stocks also saw significant inflows of $98 million, bringing the total for the last 7 weeks to $608 million.