Newsletter
Cryptoscout
  • Home
  • Altcoin
  • Bitcoin
  • Ethereum
  • Litecoin
  • Cryptocurrency
  • Blockchain
  • Regulation
  • Market
  • ICO
No Result
View All Result
  • Home
  • Altcoin
  • Bitcoin
  • Ethereum
  • Litecoin
  • Cryptocurrency
  • Blockchain
  • Regulation
  • Market
  • ICO
No Result
View All Result
Cryptoscout
No Result
View All Result
Home Bitcoin

Bitcoin ETP volumes grew in October amidst institutional demand

by The Crypto Scout
October 20, 2020
in Bitcoin
0
Bitcoin ETP volumes grew in October amidst institutional demand
Share on FacebookShare on Twitter


Crypto exchange-traded products (ETP), institutional offerings that track the price of crypto assets like Bitcoin and Ethereum, saw their volumes increase by over 2.2% this month, as per a report by CryptoCompare.

The data comes as institutional Bitcoin adoption was bolstered by last month’s $375 million BTC purchase by software firm MicroStrategy and Square’s $50 million Bitcoin bet this month.

Related articles

Environmentalists say Bitcoin must do what Ethereum is doing to fix climate impact

Environmentalists say Bitcoin must do what Ethereum is doing to fix climate impact

April 16, 2021
This message was included in a Bitcoin block after the Coinbase listing

This message was included in a Bitcoin block after the Coinbase listing

April 15, 2021

However, Grayscale, one of the only crypto firms to cater exclusively to accredited and retail investors, saw a drop in the values of its crypto offerings, indicating not all was well in the institutional crypto space.

Bitcoin demand grows on institutional services

CryptoCompare noted the top ETP products by market cap included Grayscale’s Bitcoin trust ($5.8 billion) and Ethereum trust ($1.25 billion) products, the ETC Group’s BTCE product ($60.1 million), and Wisdom Tree’s BTCW product at $34.5 million.

Of those, the top ETP markets by average 30-day volume were Grayscale’s GBTC/USD ($40.9 million). Demand for its Ethereum offering was next on the list with $4.13 million in daily trading volume.

The report said the ETPs with the highest returns over the last 30 days were ETC Group’s (BTCE) Bitcoin ETP at 7.7% and BTCW by WisdomTree at 7.3%. These products outperformed the spot market which experienced returns of 6.6% compared to 30 days prior, it added.

Image: CryptoCompare

Meanwhile, Grayscale’s over-the-counter offerings GDLC and ETCG experienced the largest 30-day losses in value among the top-traded ETPs at -19.9% and -17.6% respectively. “Grayscale’s products generally underperformed compared to the market,” the report said.

Grayscale sees turbulence

In terms of market cap, Grayscale’s GBTC Trust Product represented the highest market cap of all ETP products at $5.8 billion. This was followed by its Ethereum Trust Product ETHE with a market cap of $1.25 billion. The report added:

“Excluding Grayscale products, the largest ETP by market cap is now ETC Group’s BTCE product with a market cap of $60.1mn, followed by Wisdom Tree’s BTCW product at $34.5mn.”

Image: CryptoCompare

Crypto ETP trading activity for non-otc products has generally declined throughout the last 30 days. The aggregate average in October has been $1.82 million per day – down 28% compared to the average in September.

Excluding OTC products, 3IQ’s QBTC product which trades on the Toronto Stock Exchange has represented the majority of the volume in October ($816k/day on average).

Meanwhile, ETCGroup’s Bitcoin ETP (BTCE) also represented a significant proportion of the volume ($599k/day on average in Oct), trading on Deutsche Boerse XETRA, the report concluded.

Bitcoin, currently ranked #1 by market cap, is up 2.82% over the past 24 hours. BTC has a market cap of $218.21B with a 24 hour volume of $29.1B.

Bitcoin Price Chart

BTCUSD Chart by TradingView

Like what you see? Subscribe for daily updates.



Source link

Tags: BitcoindemandETPgrewinstitutionalOctobervolumes
Share76Tweet47

Related Posts

Environmentalists say Bitcoin must do what Ethereum is doing to fix climate impact

Environmentalists say Bitcoin must do what Ethereum is doing to fix climate impact

by The Crypto Scout
April 16, 2021
0

The New York Times published an article featuring calls from experts saying Bitcoin will eventually need to follow what...

This message was included in a Bitcoin block after the Coinbase listing

This message was included in a Bitcoin block after the Coinbase listing

by The Crypto Scout
April 15, 2021
0

Expect hidden messages to pop on Bitcoin every time something iconic happens. Yesterday, after crypto exchange Coinbase offered its...

The $1200 U.S. stimulus payment invested in Bitcoin in April is now worth $6,495

The U.S. just got a ‘pure-play’ Bitcoin and crypto ecosystem ETF

by The Crypto Scout
April 15, 2021
0

Global investment manager VanEck launched its ‘Vectors Digital Transformation ETF’ (DAPP), yesterday, as per a release. The fund offers...

Why a trader says a Bitcoin bottom is close, based on a key technical structure

Native Bitcoin trading is coming to ShapeShift via THORChain (RUNE)

by The Crypto Scout
April 14, 2021
0

ShapeShift, a non-custodial cryptocurrency exchange, announced yesterday that it was now fully integrated with THORChain, the decentralized cross-chain liquidity...

Daily Bitcoin Transaction Volume Thriving, Nears Milestone $10 Billion

Daily Bitcoin Transaction Volume Thriving, Nears Milestone $10 Billion

by The Crypto Scout
April 13, 2021
0

Bitcoin price is booming but there’s still the same old argument that remains: “nobody uses the top cryptocurrency for actual...

Load More

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Trending
  • Comments
  • Latest
A Fund Manager Just Bashed XRP, Bitcoin Cash, and Other Altcoins

A Fund Manager Just Bashed XRP, Bitcoin Cash, and Other Altcoins

October 21, 2020
What We’re Getting Wrong About Druckenmiller and Bitcoin

What We’re Getting Wrong About Druckenmiller and Bitcoin

November 15, 2020
Closing Time for Bitcoin’s Iconic Room 77 – ‘And That’s OK,’ Says Owner

Closing Time for Bitcoin’s Iconic Room 77 – ‘And That’s OK,’ Says Owner

October 20, 2020
3 Reasons Why XRP is Unlikely to Benefit From Ongoing Altcoin Surge

3 Reasons Why XRP is Unlikely to Benefit From Ongoing Altcoin Surge

October 22, 2020
Here’s why Bitcoin will boom in the “biggest overhaul” of finance

Here’s why Bitcoin will boom in the “biggest overhaul” of finance

0
Pantera Capital CEO: Bitcoin (BTC) Could Hit $115k after Halving

Pantera Capital CEO: Bitcoin (BTC) Could Hit $115k after Halving

0
Closing Time for Bitcoin’s Iconic Room 77 – ‘And That’s OK,’ Says Owner

Closing Time for Bitcoin’s Iconic Room 77 – ‘And That’s OK,’ Says Owner

0
India Plans Bitcoin Ban Even as Its Banking System Gradually Collapses

India Plans Bitcoin Ban Even as Its Banking System Gradually Collapses

0
SEC loses a battle to win the war? Ripple dissociates from pumping XRP

SEC loses a battle to win the war? Ripple dissociates from pumping XRP

April 18, 2021
Centralized stablecoins may be doomed

Centralized stablecoins may be doomed

April 18, 2021
The perils of suing crypto exchanges after ransomware attacks

The perils of suing crypto exchanges after ransomware attacks

April 18, 2021
Bitcoin on balance sheet attracts negative attention from anti-crypto banks

Bitcoin on balance sheet attracts negative attention from anti-crypto banks

April 18, 2021

We have all the latest updated and legitimate information related to Blockchain, Cryptocurrency, latest market rates & trends, prices, new regulations along with every other thing that somehow related to crypto or digital currency market. Our main idea is to provide the kind of news that is original and at the same time, it can prove to be beneficial for our audience.

Categories

  • Altcoin
  • Bitcoin
  • Blockchain
  • Cryptocurrency
  • Ethereum
  • ICO
  • Litecoin
  • Market
  • Regulation

Archives

  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020

Newsletter

  • About Us
  • Privacy Policy
  • Contact Us

© 2020 cryptoscout.io

No Result
View All Result
  • Home
  • Altcoin
  • Bitcoin
  • Ethereum
  • Litecoin
  • Cryptocurrency
  • Blockchain
  • Regulation
  • Market
  • ICO

© 2020 cryptoscout.io