Summary
Last week, crypto investment product inflows reached over $1 billion as US spot bitcoin ETFs were launched. While this was not a record-breaking amount, it accounted for more than half of the total crypto product inflows seen in 2023. Net outflows from Grayscale’s Bitcoin Trust (GBTC) impacted the overall net inflow total. Despite this, trading volumes reached a record high of $17.5 billion. US crypto products dominated the inflows, while offerings in Canada, Germany, and Sweden experienced outflows, possibly due to traders switching to the US market.
Key Points
1. Inflows into crypto investment products reached over $1 billion last week due to the launch of US spot bitcoin ETFs. However, this amount did not break the previous record set in October 2021, which saw roughly $1.5 billion in crypto inflows.
2. Crypto investment product inflows hit nearly $1.2 billion last week, a significant increase from the previous week’s $150 million. This total accounts for more than half of the $2.2 billion of crypto product inflows seen throughout the entirety of 2023.
3. Despite not breaking the inflow record, last week’s trading volumes reached $17.5 billion, which represented almost 90% of daily trading volumes on trusted exchanges. This unusually high trading volume signifies the significant interest and activity in the market.