Last week marked a historic moment in the cryptocurrency market as exchange-traded products (ETPs) trading volumes surged to an unprecedented all-time high of $17.5 billion. Meanwhile, the crypto inflows for the ETPs have been the highest since October 2021.
This record-breaking figure is a staggering leap from the $2 billion weekly average of 2022. Indeed, it underscores a growing investor interest and confidence in cryptocurrency markets.
Record-Breaking Crypto Trading Volumes
According to CoinShares, digital asset investment products witnessed $1.18 billion in inflows last week. Still, this impressive number fell short of the record set by the launch of futures-based Bitcoin ETFs, which reached $1.5 billion in October 2021.
The large spike in weekly crypto asset flows is mainly due to the US Security and Exchange Commission’s (SEC’s) approval of spot Bitcoin exchange-traded funds (ETFs). Industry leaders, such as Mati Greenspan, CEO of Quantum Economics, believe that the Bitcoin ETF approval will bring significant institutional adoption.
“In the mid-term, spot Bitcoin ETFs should provide a frictionless on-ramp for institutions to add Bitcoin to their books in a way that’s both regulatory friendly and compliant with various fund structures,” Greenspan told BeInCrypto.
Read more: How To Prepare for a Bitcoin ETF: A Step-by-Step Approach
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Author: Harsh Notariya
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