CoinShares' latest findings reveal a significant shift in trader interest towards U.S.-based crypto investment products following the approval of spot Bitcoin ETFs. The United States led the charge in the week ending January 12, with an impressive $1.24 billion in inflows, as highlighted in CoinShares' January 15 Digital Asset Fund Flows report. This surge in U.S. inflows occurred concurrently with outflows in Canada, Germany, and Sweden, where $44.2 million exited Canadian products alone, the highest among all countries.

The SEC's approval of 11 spot Bitcoin ETFs on January 10, with 10 launching immediately after, has been a pivotal factor. According to James Butterfill, CoinShares' head of research, this development propelled trading volumes in crypto investment products to record highs, reaching $17.5 billion for the week. Remarkably, these volumes constituted almost 90% of the daily trading on trusted exchanges on the last Friday of the report period, a significant increase from the typical 2%-10% range.

The total weekly inflows amounted to $1.18 billion. While not an all-time high, it's notable that the Bitcoin futures ETF launches in October 2021 saw a slightly higher first-week inflow of $1.5 billion. Bitcoin products led the week with $1.16 billion in inflows, followed by Ethereum funds at nearly $25 million. Bitcoin short funds also saw a healthy $4.1 million influx.

Other cryptocurrencies like Ripple's XRP and Solana also recorded inflows, albeit on a smaller scale. ProShares' crypto-linked ETFs, including their spot Bitcoin Strategy ETF, witnessed the largest weekly inflows at $265.2 million. In contrast, Grayscale Investments experienced significant outflows totaling $579.1 million.

Cointelegraph