ETH Products Grow In August – BTC Products Dip: Report

ETH products grow in August as BTC products take a dip, as evidenced by a recent report. During August, Ethereum investment products climbed by 2.36% to $6.81 billion in assets under management (AUM), surpassing Bitcoin products, which decreased by 7.16% to $17.4 billion.

CryptoCompare published the numbers in a new study in which it established that we’ve seen ETH products grow in August as BTC products take a dip.

ETH Products Grow In August – BTC Products Dip: Report

This was mirrored in the trading volumes of Grayscale’s Bitcoin (BTC) and Ethereum (ETH) products, with Grayscale’s most noteworthy Bitcoin product, GBTC, witnessing a 24.4% reduction in volume, while its Ethereum product, GETH, actually climbed 23.2%. According to CryptoCompare, the shift in trading volumes was caused by the much anticipated Ethereum Merge:

“Indeed, even at a more granular level, no Bitcoin products covered in this report saw AUM or volume gains in the month of August. We could be seeing interest move away from Bitcoin in the short term, as Ethereum-based products hold the attention with the much-anticipated merge on the horizon.”

Monthly AUM data for digital asset investment products declined 4% overall, with Grayscale’s GBTC product accounting for $13.4 billion of the total $25.8 billion of digital assets under management (53.4%).

According to the research, the highest inflows came from items classified as “Other,” which include non-Bitcoin and Ethereum products, with a 12.3% increase to $1.13 billion in the first three weeks.

Despite the bear market, a number of well-known financial institutions introduced crypto investment products in August. These products include Exchange Traded Funds (ETFs), Exchange Traded Certificates (ETCs), Exchange Traded Notes (ETNs), and Trusts.

One of the most famous was BlackRock’s private Bitcoin Trust, which elicited a “here comes Wall Street” reaction from former Grayscale CEO Barry Silbert. Following its cooperation with Coinbase to provide institutional trading services to its customers, the world’s largest asset management launched the Bitcoin Trust.

Another financial institution to make a move this month was Charles Schwab, which created its own “Schwab Crypto Thematic ETF,” tickered STCE on the New York Stock Exchange, that gives exposure to a mix of mining and staking firms, as well as many blockchain-based applications.

BetaShares debuted Australia’s first Metaverse-focused ETF on the Australian Stock Exchange (ASX), with SoFi’s new Metaverse and nonfungible token (NFT) oriented ETF.

Read the latest crypto news.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]

Source link