ETH products increased in August, while BTC products decreased, according to research by CryptoCompare.
In August, assets under management (AUM) for Ethereum investment products climbed by 2.36 percent to $6.81 billion, beating Bitcoin investment products, which decreased by 7.16 percent to $17.4 billion.
The data was published in a recent study by CryptoCompare.
Related: Ethermine, the largest Ether mining pool, launches a new ETH staking service.
This was also evident in the Bitcoin (BTC) and Ethereum (ETH)-product trading volumes, with Grayscale’s most prominent Bitcoin product, GBTC, having a 24.4% decline in volume while its Ethereum product, GETH, had a 23.2% rise. Research from CryptoCompare shows that the change in trade volumes was likely caused by the much-anticipated Ethereum Merge:
In fact, even at a more granular level, none of the Bitcoin products examined in this analysis had AUM or volume growth in August. We may see a move away from Bitcoin in the near future, as the much-anticipated integration takes the spotlight off of products that use Bitcoin.
Monthly AUM data for digital asset investment products went down by 4%. This was mostly due to a 6% drop in Grayscale’s GBTC product, which holds 53.4% of the total $25.8 billion in digital assets under management.
According to the research, the most money came in from “Other” items that were not Bitcoin or Ethereum. In the first three weeks, “Other” items grew by 12.3% to $1.13 billion.
Throughout the bad market, monthly AUM data for digital asset investment products has consistently declined. The origin is Crypto Compare.
Even though the market was in a bear market in August, a number of reputable financial institutions came out with crypto investment products.These products are Exchange Traded Funds (ETFs), Exchange Traded Certificates (ETC), Exchange Traded Notes (ETN), and Trusts.
BlackRock’s private Bitcoin Trust was one of the most well-known. It caused former Grayscale CEO Barry Silbert to say, “Wall Street has arrived!”The world’s largest asset management firm launched the Bitcoin Trust after partnering with Coinbase to provide institutional trading services to its customers.
Related: Hetzner’s anti-cryptocurrency efforts are a warning for Ethereum.
Charles Schwab was another financial institution to make a move this month, launching its own “Schwab Crypto Thematic ETF” on the New York Stock Exchange under the ticker symbol STCE, which gives exposure to a variety of mining, staking, and blockchain-based application firms.
BetaShares introduced Australia’s first ETF focused on the Metaverse on the Australian Stock Exchange (ASX), while SoFi created a new ETF centred on the Metaverse and nonfungible tokens (NFTs).
