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Bitcoin ETP Sees 50% Surge In Volume As Institutions Boost Rally

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CryptoCompare, a crypto research firm, has recently shown that the volumes for institution-level exchange-traded products (ETPs) have seen a massive surge in volume.

CryptoCompare Recording Massive Institutional Influx

The report investigates some of the reasons behind the epic bull run that Bitcoin has recently experienced. As it stands now, BTC is trading for just over $18,200, a new high for 2020. According to CryptoCompare, this is primarily due to the institutional players driving the momentum forward.

CryptoCompare sent out the Digital Asset Management Review, which concluded that the aggregate volumes for ETPs had seen a surge of 53% within the span of 30 days.

As it stands now, this same review discovered an average daily volume (ADV) of $173.5 million, which is significantly more than October’s $113 million. It should be noted that ETPs are securities that, in turn, track an underlying index, security, or financial instrument. In BTC ETP’s case, it tracks Bitcoin, as the name suggests.

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Grayscale Gaining Incredibly

In the report, CryptoCompare cites the Bitcoin Trust of Grayscale, which stands as one of the key drivers in this bullish rise in momentum. Grayscale boasts more than $9 billion in assets under management, but these numbers could be outdated. On the 18th of November, 2020.

Grayscale posted that it had hit the $10 billion milestones when it came to assets under management. The firm proudly boasts of holding over half a million Bitcoin, as well.

The Ethereum trust product of Grayscale, referred to as ETHE, boasts $1.7 billion in assets under management. This stands at 40% more than it used to be 30 days prior.

Not even Litecoin has escaped the institutional fund manager, as it boasts $58 million in Litecoin under management as well. The Bitcoin Cash Trust of Grayscale boasts $46 million, just shy of Litecoin, though it’s probable that this will only change in time.

Many Other Institutions Increasing BTC Under Management

The Bitcoin Fund of 3iQ, the report noted, had also experienced higher levels of returns within these past 30 days, recording it at just over 49%. As it stands now, 3iQ is the leading crypto asset fund manager for Canada.

Another institutional player, ETC Group, saw its BTCE product increase in AUM by the largest percentage, going up by 93% within just 30 days. Now, the BTCE product stands valued at $116 million. BTCE saw a massive rise in volumes, as well, with average volumes tripling in November. The firm’s November average stands at $8.87 million a day, which is more than 200% higher than October’s.

The BTCW product, this one from WisdomTree, saw a 65% increase to its AUM, in turn, and now stands valued at $79 million.

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      A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.

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