Following a recent market crash, crypto ETF products played a crucial role in steering the market towards recovery. The total assets under management (AuM) took a hit initially, dropping to $75 billion after the August 5 turmoil. However, the market has rebounded impressively, reaching $85 billion and recovering over $20 billion lost during the correction.<\/p>\n
According to the latest report from CoinShares, trading activity in crypto ETF products surged to $19 billion for the week, surpassing the average weekly volume of $14 billion seen so far this year. The report also noted a rare trend of global inflows across all regions, indicating a widespread positive sentiment towards crypto assets post the recent price correction.<\/p>\n
Notable contributions came from various regions such as the United States, Switzerland, Brazil, and Canada, with significant inflows recorded in the past week alone.<\/p>\n
Ethereum stood out amidst market turbulence, attracting $155 million in inflows last week, taking its year-to-date inflows to $862 million, the highest volume seen since 2021. The surge in Ethereum inflows was largely driven by the introduction of US spot-based Ethereum ETFs, indicating rising interest in alternative crypto ETF products beyond Bitcoin.<\/p>\n
While Bitcoin initially saw outflows at the start of the week, a reversal occurred in the final days with significant inflows totaling $13 million for the week. Conversely, short crypto ETF products based on BTC faced substantial outflows, leading to a reduction in AuM for short positions to the lowest level since the beginning of the year.<\/p>\n
Additional data from SoSo Value highlighted that spot crypto ETFs experienced a net outflow of $169 million in the Bitcoin market. Notable figures included the Grayscale Bitcoin Trust ETF (GBTC) with a weekly outflow of $392 million and BlackRock ETF IBIT with a significant inflow of $220 million.<\/p>\n
Bitcoin, the largest cryptocurrency, has dropped over 2% in the last 24 hours, trading at $58,640. Despite the drop, BTC is up 18% over the past week from the lows experienced during the recent crash. Ethereum has seen gains of 1.1% in the last 24 hours, trading at $2,660 and recovering significantly from an 8-month low of $2,112 last week.<\/p>\n
Image source: DALL-E, chart from TradingView.com<\/p>\n","protected":false},"excerpt":{"rendered":"
Following a recent market crash, crypto ETF products played a crucial role in steering the market towards recovery. The total assets under management (AuM) took a hit initially, dropping to $75 billion after the August 5 turmoil. However, the market has rebounded impressively, reaching $85 billion and recovering over $20 billion lost during the correction. […]<\/p>\n","protected":false},"author":1,"featured_media":17341,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"slim_seo":{"title":"Record High Trading Volume of $19 Billion in Crypto ETFs Amid Market Drops - Bitrabo","description":"Following a recent market crash, crypto ETF products played a crucial role in steering the market towards recovery. The total assets under management (AuM) took"},"footnotes":""},"categories":[316],"tags":[7215,580,504,7214,1412,806,1923,5516,467,7216,1384,2301,7213,786],"class_list":["post-17340","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","tag-19-billion","tag-billion","tag-crypto","tag-crypto-etf","tag-demand","tag-drops","tag-etf","tag-lifts","tag-price","tag-price-drops","tag-record","tag-surging","tag-surging-demand","tag-trading"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/17340","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/comments?post=17340"}],"version-history":[{"count":0,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/17340\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media\/17341"}],"wp:attachment":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media?parent=17340"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/categories?post=17340"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/tags?post=17340"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}