Spot Bitcoin ETFs secure record trading volume for crypto products: CoinShares

The trading of U.S. spot Bitcoin ETFs brought all-time high weekly trading volumes for crypto investment products, according to CoinShares.

The launch of spot Bitcoin ETFs has pushed trading volumes in crypto investment products to a new weekly all-time high, with $17.5 billion in volume.

In a Jan. 15 Digital Asset Fund Flows report, CoinShares head of research James Butterfill said the trading volumes from the week ended Jan. 12 were the “highest on record,” noting that in 2022, weekly trading volumes averaged around $2 billion.

“These trading volumes represented almost 90% of daily trading volumes on trusted exchanges last Friday [Jan. 12], unusually high as they typically average between 2%-10%.”

Total weekly inflows hit $1.18 billion, though Butterfill noted it was “not a record” as the Bitcoin futures ETF launches in October 2021 brought $1.5 billion of inflows in the first week.

United States-based products made up for most of the inflows at $1.24 billion, while German and Swedish-based products saw respective outflows of $27 million and $15.5 million due to “traders looking to switch from Europe to the U.S.”

Canadian products also saw $44.2 million in outflows, the highest of any country, while Swiss-based products captured $24.2 million in inflows.

Crypto product fund flows by country. Source: CoinShares

Meanwhile, Bitcoin products had the highest inflows at $1.16 billion for the week, followed by Ether (ETH) funds with nearly $25 million. Bitcoin short funds recorded $4.1 million in inflows.

XRP (XRP) followed with $2.2 million, while Butterfull called Solana (SOL) funds “the notable exception” as they saw just $500,000 of inflows.

ProShares crypto-linked ETFs, including the asset managers sp Bitcoin Strategy ETF (BITO), saw the largest weekly inflows at $265.2 million, while Grayscale Investments products saw $579.1 million in outflows.