Traders flock to US crypto products after spot ETF approvals: CoinShares

United-States based crypto investment products have "dominated" inflows over the past week after the approval of spot Bitcoin ETFs in the country, according to the latest report from CoinShares.

In a Jan. 15 Digital Asset Fund Flows report, CoinShares head of research James Butterfill noted that United States-based funds saw a whopping $1.24 billion of inflows from the week ended Jan. 12, while Canada, Germany, and Sweden-based products experienced outflows due to "basis traders looking to switch from Europe to the US."

On Jan. 10, the United States Securities and Exchange Commission (SEC) approved 11 spot Bitcoin ETF products, with 10 launching the very next day.

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

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Jan-16-2024 09:30:39 AM