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.
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.
MILESTONE: Grayscale just surpassed $10