Ethereum investment products outperformed Bitcoin products with assets under management (AUM) increasing 2.36% to $6.81 billion in August, down 7.16% to $17.4 billion.
As cryptocurrency AUM figures continue to decline amid a bear market, the upcoming merger helped boost Ethereum investment products and trading volume.
This was also reflected in Bitcoin (BTC) and Ethereum (ETH) trading volumes, with Grayscale’s best-known Bitcoin product, GBTC, experiencing a 24.4% drop in volume, while its Ethereum product, GETH, fell 23.2%. . The percentage increased. CryptoCompare reports that the change in trading volume is due to the expected consolidation of Ethereum:
Monthly digital asset investment product AUM fell 4% overall, driven by a 6% decline in Grayscale’s GBTC product, which accounted for $13.4 billion of the total $25.8 billion in digital assets under management (53.4%).
The largest inflow came from products that fall under the “other” umbrella, which refers to products other than Bitcoin and Ethereum, which rose 12.3 percent to $1.13 billion in the first three weeks, according to the report.
Despite the bear market, many reputable financial institutions launched digital currency investment products in August. These products are offered in the form of exchange-traded funds (ETFs), exchange-traded certificates (ETCs), exchange-traded notes (ETNs), and trust products.
Among the most notable was BlackRock’s private spot Bitcoin Trust, a move which brought about a “here comes Wall Street” response from former Grayscale CEO Barry Silbert. The launch of the Bitcoin Trust from the world’s largest asset manager came following its partnership with Coinbase to provide its clients with institutional trading services.
Charles Schwab was another financial institution to make a play this month, having launched its own “Schwab Crypto Thematic ETF”, tickered STCE on the New York Stock Exchange
BetaShares launched Australia’s first Metaverse-focused ETF on the Australian Stock Exchange (ASX), along with a new Metaverse and non fungible token (NFT) focused ETF launched by finance firm SoFi.
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