Last week, the price of Bitcoin rose by 15%, driving the total assets under management of crypto Exchange Traded Products (ETPs) to a record-breaking $171 billion. These products accounted for $21 billion in global trading volumes, representing 34% of total Bitcoin trading on trusted platforms.
Most of the inflows into ETPs were driven by Bitcoin, which saw $1.9 billion added in the past week and a total of $2.7 billion since the beginning of the year. Interestingly, there were minor outflows of $0.5 million for short Bitcoin positions, despite the significant price increase, which is unusual.
ETPs based on Ethereum also experienced inflows of $246 million, reversing some of the earlier outflows this year. However, they remain the weakest performers with $28 million in net outflows since the start of 2021.
On the other hand, XRP-based ETPs continued to see positive inflows, adding $31 million last week and a total of $484 million since late 2020.
