[ad_1]
Recent research has revealed that institutional-grade exchange-traded products have increased in volume this month.
A report from CryptoCompare delves into some metrics behind Bitcoin’s epic bull run to a new 2020 high of $ 17,800 and reveals institutions have been an engine of momentum.
The Digital Asset Management Review found that aggregate exchange-traded product (ETP) volumes have increased by 53% over the past 30 days. Average daily volumes now stand at $ 173.5 million compared to $ 113 million in October. ETPs are types of securities that track underlying securities, indices or financial instruments, in this case Bitcoin.
The report cited Grayscale’s Bitcoin Trust product as one of the key drivers of the momentum, surpassing $ 9 billion in assets under management. (However, the latest institutional fund update released on November 18 actually states that it has reached a milestone of $ 10 billion in digital assets under management.) Grayscale now holds half a million BTC.
MILESTONE: The grayscale just surpassed $ 10 billion total AUM. It is yet another reason to do so #GoGrayscale. pic.twitter.com/j5mWQbIzGm
– Grayscale (@Grayscale) November 17, 2020
Grayscale’s Ethereum Trust (ETHE) product is followed with assets under management of $ 1.7 billion, an increase of more than 40% over the previous 30 days. The institutional grade fund provider also uploaded to Litecoin which now represents $ 58 million in AUM, surpassing the Bitcoin Cash Trust which has $ 46 million.
The report added that 3iQ’s Bitcoin Fund (QBTC) had its highest returns in the past 30 days at just over 49%. 3iQ is Canada’s leading cryptocurrency and Bitcoin fund manager.
ETC Group’s BTCE product recorded the largest percentage increase in assets under management which nearly doubled to $ 116 million, a 93% increase from the previous 30 days. Average volumes for the BTCE product tripled in November to $ 8.87 million per day, more than 200% higher than the October average.
The BTCE fund was launched in June 2020, becoming the first Bitcoin-based ETP to be listed on XETRA, a trading technology platform managed by the Deutsche Börse Group.
Meanwhile, WisdomTree’s BTCW posted a 65% increase in assets under management to $ 79 million over the same period. WisdomTree is a New York-based exchange-traded fund, sponsor and asset manager of ETP.
Institutional quality products are playing a much bigger role in Bitcoin’s rally in 2020. The last time BTC rose to these prices in 2017, the Chicago Mercantile Exchange and the Chicago Board Options Exchange were just launching the first institutional products. Bitcoin term for the asset.
[ad_2]Source link
