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Exchange-traded products of bitcoin (BTC) and other cryptocurrencies hit record highs in trading volumes last week, totaling $17.5 billion.
Much of this followed the launch of spot bitcoin exchange-traded funds (ETFs) in the United States last Thursday. Precisely, 90% of the aforementioned volume took place on Friday, which "is unusually high, as it normally averages between 2% and 10%," notes the latest report from the analysis firm CoinShares.
Trading volume was mainly driven by capital inflows, which were $1.2 billion for the week.
However, this result did not allow it to surpass the $1.5 billion weekly inflow that the products recorded when bitcoin futures ETFs were launched in 2021. The ProShares Bitcoin Strategy (BITO) ETF was the first to go public in the United States and be listed on the New York Stock Exchange (NYSE).