Last week, $1.18 billion entered the crypto market. CoinShares reported this large activity related to the spot Bitcoin ETF debut in its recent report. It said that inflows did not exceed the $1.5 billion record established during the October 2021 debut of Bitcoin futures ETF.
The BTC ETF launch boosted exchange product trade to a record $17.5 billion. This is compared to the $2 billion 2022 weekly average. This volume increase accounted for approximately 90% of daily exchange activity, up from 2% to 10%, CoinShares reported.
With $1.16 billion, or a significant 3% of its total AuM, Bitcoin was the clear winner of the influx. There were also influxes into other cryptocurrencies; $26 million went into Ethereum, $2.2 million into XRP, and $0.5 million into Solana.
Bitcoin ETFs are presently being considered for their possible effects. But other industry watchers thought it would change the way regular people put their money into the industry. Bitcoin supporter and writer Vijay Boyapati thinks that if these ETFs are approved, it might bring in a flood of retail funding for Bitcoin.
A study report from Bloomberg was referenced by hedge fund manager James Lavish, who stated that the overall trading volume for the ten exchange-traded funds (ETFs) surged to $7.85 billion.
The fact that capital are pouring into digital assets is thus indicative of a healthy trend. Trading volumes indicate a good trend toward the maturing of the digital asset market, which is a beneficial development.
As this article goes live, the 24-hour trading volume of Bitcoin has increased by over 20%. Statistics from CoinMarketCap show that the volume is now $21.6 billion. The price of the king coin has fallen below the critical $43,000 barrier, reflecting growing investor interest and greater market activity in the ETF industry.