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

In a Jan. 15 Digital Asset Fund Flows report , CoinShares head of research James Butterfill said the trading volumes from the week ended Jan. 12 were the “highest on record,” noting that in 2022, weekly trading volumes averaged around $2 billion.

“These trading volumes represented almost 90% of daily trading volumes on trusted exchanges last Friday [Jan. 12], unusually high as they typically average between 2%-10%.”

Total weekly inflows hit $1.18 billion,  though Butterfill noted it was “not a record” as the Bitcoin futures ETF launches in October 2021 brought $1.5 billion of inflows in the first week.

United States-based products made up for most of the inflows at $1.24 billion, while German and Swedish-based products saw respective outflows of $27 million and $15.5 million due to “traders looking to switch from Europe to the U.S.”

Canadian products also saw $44.2 million in outflows, the highest of any country, while Swiss-based products captured $24.2 million in inflows.

Spot Bitcoin ETFs secure record trading volume for crypto products: CoinShares image 0 Crypto product fund flows by country. Source: CoinShares

Meanwhile, Bitcoin products had the highest inflows at $1.16 billion for the week, followed by Ether ( ETH ) funds with nearly $25 million. Bitcoin short funds recorded $4.1 million in inflows.

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XRP ( XRP ) followed with $2.2 million, while Butterfull called Solana ( SOL ) funds “the notable exception” as they saw just $500,000 of inflows.

ProShares crypto-linked ETFs, including the asset managers sp Bitcoin Strategy ETF (BITO), saw the largest weekly inflows at $265.2 million, while Grayscale Investments products saw $579.1 million in outflows.

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