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 (ETPs) 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 (QBTC) experienced its highest returns over the last 30 days at 49.1%.
?? @Grayscale‘s #Bitcoin Trust saw record weekly #BTC inflows in October & surged 50% to reach $9.1bn in market cap. #ETCGroup’s #BTCE had the greatest increase in market cap, nearly doubling to $116mn while @WisdomTreeETFs‘ #BTCW saw a 65% increase. https://t.co/jmNDalF2W1 pic.twitter.com/QvBE3LF7ZY
— CryptoCompare (@CryptoCompare) November 17, 2020
Researchers found that the average November ETP volumes had increased by 53.5% to $173.5 million per day. Similarly, Grayscale’s Bitcoin Trust Product surged 50% to reach $9.1 billion in market cap with record weekly BTC inflows seen in October.A smaller ETP player, the ETC Group, saw its BTCE product jumping to a $116 million market cap in the past month, representing a massive 93% compared to the last period. The product’s average volumes tripled in November to $8.87 million a day (an increase of 212% since October’s average).