The aggerate trading volume of bitcoin exchange-traded products (ETPs) has surged 53% over the last 30 days, with several products demonstrating above market returns.
According to CryptoCompare’s Digital Asset Management Review, daily ETP volumes increased by an average of 53.5% this month, following BTC’s price rally from little over $10,000 in October to over $18,000 at press time.
Average ETP daily volumes, the report adds, are now at $173.5 million, compared to $113 million back in October. Grayscale’s Bitcoin Trust (GBTC), which now holds over 500,000 BTC in it, has seen its volume increase 68% to $162 million so far this month, and it represents the vast majority of Grayscale’s volume. It’s followed by the Ethereum Trust (ETHE), trading $10.9 million per day this month.
Outside of Grayscale’s over-the-counter products, ETP trading activity has also seen a significant boost, with ETC Group’s BTCE, which trades on the Deutsche Börse XETRA, has seen its volume triple to $8.87 million a day, while 3iQ’s QBTC-U volume is now at $2.29 million a day, up 52.8%.
When it comes to price performance 3iQ’s QBTC-U product, which hit a $100 million market cap last month, experience the highest 30-day returns of 49.1%. It was followed by WisdomTree’s BTCW, which rose 39.1%, and by Grayscale’s GBTC, which rose by 38.4%.
Notably, Grayscale’s Digital Large Cap Fund (GDLC) experienced a loss of 20.6% over said period. The Bitcoin ETPs, however, outperformed CryptoCompare’s CCCAGG BTC/USD index, which rose 36.1%, and the MVDA market index, which rose by 26.7%.
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