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ETH products grow in August as BTC products fall: CryptoCompare report

ETH investment products rose 2.36% in assets under management (AUM) to $6.81 billion during August, outperforming Bitcoin products, which fell 7.16% to $17.4 billion. This was also reflected in Bitcoin (BTC) and Ethereum (ETH) product trading volumes, with Grayscale’s most notable Bitcoin product GBTC down 24.4% in volume, while Ethereum product GETH actually rose 23.2%.

Indeed, even at a more granular level, no Bitcoin products covered in this report saw AUM or volume gains in the month of August. We could be seeing interest move away from Bitcoin in the short term, as Ethereum-based products hold the attention with the much-anticipated merge on the horizon.

Monthly AUM figures for digital asset investment products fell 4% overall, largely attributable to a 6% drop in Grayscale’s GBTC product, accounting for $13.4 billion (53.4%) of the total $25.8 billion digital assets under management. 

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According to the report, the largest entries came from products under the “Other” umbrella, which represents Bitcoin and non-ETH products, which reached $1.13 billion, up 12.3% in the first three weeks.

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Despite the bear market, a number of reputable financial institutions launched crypto investment products during the month of August. Most notably, BlackRock’s private spot, Bitcoin Trust, was a move that triggered former Grayscale CEO Barry Silbert’s “here comes Wall Street” response.

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Charles Schwab was another gaming finance firm that launched its own STCE-labeled “Schwab Crypto Thematic ETF” on the New York Stock Exchange this month, with several blockchains as well as a mix of mining and betting companies. based applications. BetaShares has launched Australia’s first Metaverse-focused ETF on the Australian Stock Exchange (ASX) and a new Metaverse and literal token (NFT)-focused ETF launched by financial firm SoFi.

About Hama Amefiz

Amefiz is a professional blockchain, cryptocurrency and tech journalist, regular contributor to newsbsc.com who is writing analysis about the latest developments in the cryptocurrency and blockchain space.

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