The total assets under management (AUM) across all cryptocurrency investment products have increased 57.3% to $54.8 billion as the prices of most top cryptocurrencies have started recovering in late July.
According to the August edition of CryptoCompare’s Digital Asset Management Review, Bitcoin-focused investment products saw their total assets under management rise 51.9% to $38.1 billion but lost market share while other products saw greater inflows. BTC products now represent 69.6% of the total.
Ethereum-focused products saw their AUM rise 72.8% to $13.8 billion, while products offering baskets of assets saw their AUM rise 67.8% to $2.3 billion. Exchange-traded funds (ETFs) and Exchange-traded notes (ENS) both saw large increases of 79.1% and 91.4% respectively.
Notably, data has shown institutional investors have been betting on Solana ($SOL) and Cardano ($ADA) investment products as the cryptocurrency market recovers and bitcoin moved back toward the $50,000 mark.
Last week, institutional investors moved $7.1 million into Solana investment products, seemingly reacting to SOL’s recent price surge that saw it jump from little over $35 to a new all-time high then above $75. The cryptocurrency has since broken the $80 mark.
Behind Solana investment products, the most popular ones were those tracking the price of Cardano’s ADA, with inflows of over $6.4 million. Behind these two were bets on ETH and LTC investment products.
Average daily aggregate product volumes rose 46.6% to $544 million, CryptoCompare’s Digital Asset Management Review details. The average daily volume for GBTC, the investment trust bought by Morgan Stanley, stood at $240 million after rising 17.4%, while Grayscale’s Ether investment product saw its average daily volume rise 105.9% to $193.3 million.
Grayscale’s Digital Large Cap (GDLC) fund also saw its volume increase by 117.4% in July to $6 million.
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