Institutional Bitcoin products are booming as the pioneer cryptocurrency sees bullish price action.
A report shared with CryptoSlate from crypto research firm CryptoCompare found that the aggregate volumes for popular Exchange-traded Products surged 53% this year with several products demonstrating "Above-market" returns.
Of these, Grayscale's popular Bitcoin Trust product surpassed $9 billion in market cap while 3iQ's Bitcoin Fund experienced its highest returns over the last 30 days at 49.1%. Researchers found that the average November ETP volumes had increased by 53.5% to $173.5 million per day.
Grayscale's Bitcoin Trust Product surged 50% to reach $9.1 billion in market cap with record weekly BTC inflows seen in October.
Excluding Grayscale's OTC-traded products, the largest ETP by market cap is currently 3iQ's Bitcoin Fund product, which is traded predominantly on the Toronto Stock Exchange.
ETP trading activity for non-OTC products has also seen a significant boost in volume in November - ETC Group's BTCE which trades on Deutsche Börse XETRA has tripled its volume to $8.87 million a day, while 3iQ's QBTC-U volume has increased 52.8% to reach $2.29 million a day.
The report comes as Bitcoin crossed the $18,000 mark earlier today-a price last seen in the first week of January 2018.
At the time of press, Bitcoin is ranked #1 by market cap and the BTC price is up 5.11% over the past 24 hours.
Bitcoin dominance is currently at 66.44%. Learn more.
Posted In: Bitcoin, Adoption, Investments, Price Watch You might also enjoy.... Bitcoin ETP volumes grew in October amidst institutional demand Shaurya Malwa 2 years ago 2 min read. 21 million Americans would consider investing in Bitcoin, says Grayscale survey Ali Martinez 3 years ago 2 min read. American millennials love Bitcoin more than Disney, Netflix, and Microsoft: Charles Schwab Nick Chong 3 years ago 3 min read. Disclaimer: Our writers' opinions are solely their own and do not reflect the opinion of CryptoSlate.
Bitcoin ETP volumes surge as institutions jump into the BTC bull run
Published on Nov 18, 2020
by Cryptoslate | Published on Coinage
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