Crypto funds saw record $30 billion in trading volume last week, dominated by bitcoin

Global digital-asset investment products offered by asset managers such as Ark Invest, Bitwise, BlackRock, Fidelity, Grayscale, ProShares and 21Shares witnessed a record trading volume last week — dominated by U.S. spot bitcoin exchange-traded funds — according to CoinShares.

“Trading volumes in investment products reached a record of over $30 billion for the week, and at times represented 50% of global bitcoin daily trading volumes on trusted exchanges,” CoinShares Head of Research James Butterfill wrote.

Weekly trading volume for the U.S. spot bitcoin ETFs totaled a record $22.3 billion alone, according to The Block’s data dashboard. On Wednesday, daily volumes also reached the highest levels since launch — generating over $7.6 billion in trading. The cumulative trading volume for the ETFs now stands at $73.9 billion as of Friday.

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Second-largest weekly inflows

The crypto funds also generated their second-largest weekly net inflows on record, adding $1.84 billion.

Some 94% of the inflows ($1.72 billion) came into bitcoin investment products, with U.S.-based funds continuing to dominate with net inflows for the week totaling $1.88 billion. Despite a pick-up in outflows from Grayscale’s higher fee fund totaling nearly $1.5 billion, the newborn U.S. spot bitcoin ETFs more than offset this by adding $3.2 billion worth of inflows for the week.

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However, short investors doubled down, with a further $22 million of inflows into short-bitcoin investment products last week as the price rose by more than 20%, Butterfill said. Bitcoin is currently trading at $65,024, according to The Block's price page.

Flows into other regions were mixed, with Switzerland-based funds generating the next largest inflows of $20 million, while Germany, Sweden and Canada saw outflows of $35 million, $32 million and $23 million, respectively.

“Total assets under management, after recent price rises, are now very close to the all-time high at $82.6 billion, just shy of the $86 billion peak set early November 2021,” Butterfill added.

Meanwhile, ether-based investment products witnessed their largest weekly inflows since July 2022, adding $85 million, though AUM at $14.6 million remains nearly 40% below peak. Polygon-based funds saw inflows of $7.6 million, while Solana products registered outflows of $12 million for the third consecutive week.