New record: Crypto products reach $2.9 billion in weekly revenue

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According to asset management company CoinShares' latest weekly earnings report, crypto investment products hit a new record with revenues of around $2.9 billion, surpassing the previous week's high of $2.7 billion. This increase lifted year-to-date outflows to $13.2 billion, adding to a total of $10.6 billion in revenue for 2021.

Despite its overall success, smart contract platforms such as Ethereum, Solana, and Polygon have experienced a flood, with Ethereum seeing $14 million, Solana $2.7 million, and Polygon $6.8 million leaving their ecosystems.

Trading volume for the week remained steady at $43 billion, maintaining last week's level and accounting for nearly half of global bitcoin trading volume. In particular, international exchange-traded products (ETPs) reached record highs despite a price adjustment over the weekend that brought the value down to $97 billion.

Regionally, the United States poured in $2.95 billion, with smaller inflows from Australia, Brazil, and Hong Kong, which contributed $5 million, $24 million, and $15 million, respectively. In contrast, Canada, Germany, Sweden and Switzerland faced a total cost of $78 million. With $685 million in outbound spending recorded so far, the year has started on a positive note.

Bitcoin continues to dominate the market, with $2.86 billion inflows last week, now representing 97 percent of the year's inflows. Meanwhile, short Bitcoin positions attracted their biggest inflows in a year, totaling $26 million, marking the fifth straight week of inflows.

Blockchain stocks attracted $19 million in inflows, reversing a six-week trend of outflows, signaling renewed investor interest in the sector.

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