The assets under management (AUM) of cryptocurrency exchange-traded products (ETPs) have swollen to close to $44 billion, even as trading volumes for these products dropped when compared to last month.
According to CryptoCompare’s Digital Asset Management Review, the assets under management across all cryptocurrency ETPs surged by 50% to $43.9 billion, despite the trading volume of these products dropping 37.8% to $936 million.
The report adds that despite bitcoin’0s new all-time high above $58,000, ETP volumes decreased, with the average daily trading volume going from $1.51 billion to $936 million. The best performing bitcoin ETF was Bitwise’s Listed Trust Product (BITW) with 15% 30-day returns, outperforming CryptoCompare’s CCCAGG BTC/USD index, which went up 64%.
BITW also outperformed the MVDA index, a market cap-weighted index that tracks the performance of a basket of the 100 largest cryptoassets by market capitalization, which moved up 48.9% over the same period. The most liquid exchange-traded products by trading volume included Grayscale’s Ethereum Classic Trust (ETCG), with 105.5% returns.
The firm’s Ethereum Trust product (ETHE) reportedly underperformed other ETPs, seeing 34.8% 30-day returns, nearly 10% below CryptoCompare’s ETH/USD CCCAGG Index, which went up 44% in the same period. The report points out that the top 15 ETPs by volume included Grayscale’s ETHE trust, XBT Provider’s ETH markets, and 3iQ’s Bitcoin Fund (QBTC).
Since last month, market premiums these products are historically known for have plummeted. 3iQ’s QBTC-U Bitcoin Fund has, at one point, even traded at an 11.1% discount relative to its net asset value, the report notes.
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