Home Coins Litecoin (LTC) Institutions help drive rally as Bitcoin ETP volumes surge 50%

Institutions help drive rally as Bitcoin ETP volumes surge 50%

Recent research has revealed that institutional grade exchange traded products surged in volume this month.

A report by CryptoCompare delves into some metrics behind Bitcoin’s epic bull run to a new 2020 high of $17,800 and reveals that institutions have been a driver of momentum.

The Digital Asset Management Review found that aggregate exchange traded products (ETP) volumes have surged 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, indexes, or financial instruments, in this case Bitcoin.

The report cited Grayscale’s Bitcoin Trust product as one of the key drivers of momentum, surpassing $9 billion in assets under management. (However, the latest update from the institutional fund posted on November 18 actually states it has hit a milestone of $10 billion in digital assets under management.) Grayscale now holds half a million BTC.

Grayscale’s Ethereum Trust product (ETHE) followed with assets under management of $1.7 billion, an increase of over 40% on the previous 30 days. The institutional grade fund provider has also been loading up on 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) experienced its highest returns over the last 30 days at just over 49%. 3iQ is Canada’s leading Bitcoin and crypto asset fund manager.

ETC Group’s BTCE product saw the largest percentage increase in AUM which almost doubled to $116 million, a surge of 93% from the previous 30 days. Average volumes for the BTCE product tripled in November to $8.87 million per day, which is over 200% higher than October’s average.

The BTCE fund was launched in June 2020, becoming the first Bitcoin-based ETP to list on XETRA, a trading technology platform operated by the Deutsche Börse Group.

WisdomTree’s BTCW meanwhile experienced a 65% increase in AUM to $79 million over the same period. WisdomTree is a New York-based exchange-traded fund and ETP sponsor and asset manager.

Institutional grade products are playing a far greater role in Bitcoin’s rally in 2020. The last time BTC surged to these prices in 2017, the Chicago Mercantile Exchange and Chicago Board Options Exchange were just launching the first institutional Bitcoin futures products for the asset.



Source link

- Advertisement -
Mr Bitcointe
Mr Bitcointehttps://www.bitcointe.com/
“Fact You Need To Know About Cryptocurrency - The first Bitcoin purchase was for pizza.” ― Mohsin Jameel
472FansLike
76FollowersFollow
4,567FollowersFollow
5,261FollowersFollow
1,550FollowersFollow
2,230SubscribersSubscribe
USD - United States Dollar
EUR
1.19
GBP
1.34
CHF
1.10
NOK
0.11
JPY
0.01
CAD
0.77
AUD
0.74

Most Popular

IOTA Standardization Update — November 2020 | by Mike Bennett | Nov, 2020

As we proclaimed in 2019, IOTA is on a mission to set and become a de facto standard in DLT and IoT technology....

Uniswap pairs, wallet support, exchanges

Happy ERC20 Golem Monday...

These 5 altcoins are beating every major cryptocurrency this week

Bitcoin (BTC) has topped $19,000 in a fresh bullish surge, but traders are all about altcoins on Nov. 24.In what many are heralding...
bitcoin
Bitcoin (BTC) $ 19,155.09
ethereum
Ethereum (ETH) $ 607.38
ripple
XRP (XRP) $ 0.736308
tether
Tether (USDT) $ 0.999177
bitcoin-cash
Bitcoin Cash (BCH) $ 346.59
bitcoin-cash-sv
Bitcoin SV (BSV) $ 208.51
litecoin
Litecoin (LTC) $ 89.63
eos
EOS (EOS) $ 3.59
binancecoin
Binance Coin (BNB) $ 32.95
okb
OKB (OKB) $ 5.93
tezos
Tezos (XTZ) $ 2.75
leo-token
LEO Token (LEO) $ 1.31
cardano
Cardano (ADA) $ 0.169834
monero
Monero (XMR) $ 139.58
stellar
Stellar (XLM) $ 0.194281
chainlink
Chainlink (LINK) $ 15.74
huobi-token
Huobi Token (HT) $ 4.37
tron
TRON (TRX) $ 0.036075
usd-coin
USD Coin (USDC) $ 0.995704
dash
Dash (DASH) $ 117.93
neo
NEO (NEO) $ 20.27
iota
IOTA (MIOTA) $ 0.389873
nem
NEM (XEM) $ 0.162462
zcash
Zcash (ZEC) $ 87.23
maker
Maker (MKR) $ 612.30
paxos-standard
Paxos Standard (PAX) $ 0.995942
ethereum-classic
Ethereum Classic (ETC) $ 7.15
vechain
VeChain (VET) $ 0.016320
true-usd
TrueUSD (TUSD) $ 0.995947
ftx-token
FTX Token (FTT) $ 4.38
kucoin-shares
KuCoin Shares (KCS) $ 0.832885
waves
Waves (WAVES) $ 7.61