Digital assets manager CoinShares says institutions are delving into Bitcoin (BTC) exchange-traded products (ETPs) after the U.S. Securities and Exchange Commission (SEC) approved a spot BTC exchange-traded fund (ETF) earlier this month.
In its latest Digital Asset Fund Flows report, CoinShares finds that even though crypto investment products saw outflows last week, trading volumes were higher than usual.
“Digital asset investment products saw minor outflows last week totaling US $21 million, although this top line number masks very high trading volumes which totaled US $11.8 billion in Bitcoin last week, 7 times the usual weekly trading volume in 2023.”
According to the firm, BTC’s outflows and trading volumes from last week are representative of trading activity on the crypto markets broadly.
“Bitcoin saw minor outflows totaling US $25 million, although the US $11.8 billion trading volumes represented 63% of all Bitcoin volumes on trusted exchanges, highlighting the ETP activity is currently dominating overall trading activity at present.”
According to CoinShares, ETPs with higher associated costs saw outflows last week while newer low-fee ETFs saw inflows.
“Incumbent, higher cost issuers suffered in the US, seeing US $2.9 billion of outflows, while newly issued ETFs have now seen a total of US$4.13 billionn inflows since launch.”
Altcoins also experienced outflows last week. Top smart contract platform Ethereum (ETH) and its rival Solana (SOL) suffered $14 million and $8.5 million in outflows, respectively.
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The post Bitcoin ETPs Dominate Trading Volume While Blockchain Equities See Another Week of Inflows: CoinShares appeared first on The Daily Hodl.
