<\/p>\n
Weekly trading volume averaged just $2B in 2023.<\/p>\n
Institutions went on a feeding frenzy last week, with CoinShares reporting that large entities traded a whopping $17.5B in digital assets.<\/p>\n
According to the latest Digital Asset Fund Flows report<\/a>, trading volumes for ETP products last week were the highest on record. However, although inflows topped $1.18B, futures-based Bitcoin ETFs continue to hold the top spot, with $1.5B purchased back in October 2021.<\/p>\n Trading volumes reached an unusual 90% of all activity on trusted exchanges on Friday, wrote James Butterfill, head of research for CoinShares. The figure typically fluctuates between 2-10%.<\/p>\n <\/p>\n With the launch of spot Bitcoin ETFs<\/a> in the United States, the world\u2019s most valuable cryptocurrency took center stage in terms of activity from large investment firms. Weekly flows soared to $1.14B, and in terms of AUM, BTC dominates 70% of all digital assets.<\/p>\n After approaching $50,000 last week, Bitcoin has since taken a tumble. It\u2019s down nearly 8% in the past seven days, changing hands for $42,814, as per Coingecko<\/a>.<\/p>\n Among entities reported by CoinShares, Grayscale witnessed $597M worth of outflows, followed from afar by ETC Issuance GmbH and Purpose Inv. ETF with $44M and $21M, respectively.<\/p>\nGrayscale Outflows<\/h2>\n