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
에 게시 됨 Nov 18, 2020
by Cryptoslate | 에 게시 됨 Coinage
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