Institutions help drive rally as Bitcoin ETP volumes surge 50%

Institutions help drive rally as Bitcoin ETP volumes surge 50%

Recent research has revealed that institutional grade exchange traded products surged in volume this month.

A report by CryptoCompare delves into some metrics behind Bitcoin’s epic bull run to a new 2020 high of $17,800 and reveals that institutions have been a driver of momentum.

The Digital Asset Management Review found that aggregate exchange traded products (ETP) volumes have surged 53% over the past 30 days. Average daily volumes now stand at $173.5 million compared to $113 million in October. ETPs are types of securities that track underlying securities, indexes, or financial instruments, in this case Bitcoin.

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The report cited Grayscale’s Bitcoin Trust product as one of the key drivers of momentum, surpassing $9 billion in assets under management. (However, the latest update from the institutional fund posted on November 18 actually states it has hit a milestone of $10 billion in digital assets under management.) Grayscale now holds half a million BTC.

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