Crypto ETP Volumes Fell In September As Investors Sought Safer Options


Cryptocurrency ETP volumes continue to drop as long-term investors look for safer options during Bitcoin’s dry spell.

According to a recent report by CryptoCompare, a digital asset data resource, aggregate trading volumes exchange traded products (ETP) have plummeted drastically in the month of September.

Overall daily cryptorrency ETP volumes plunged by roughly 74%, dropping from $186.5 million exchanged in mid-August to an average of $48 million in mid-September.

Grayscale’s Bitcoin Trust product represents the overwhelming amount of trading activity in cryptocurrency ETPs, and has therefore taken the biggest hit when it comes to trading volumes.

Grayscale’s top 3 cryptocurrency products, Grayscale Bitcoin Trust (GBTC), Grayscale Ethereum Trust (ETHE), and Grayscale Ethereum Classic Trust (ETCG), lost a combined 77% in trading volume, decreasing from $180 million per day in mid-August to roughly $40 million.

The total asset under management figure (AUM) for Grayscale has also decreased since mid-August, although not nearly as drastically. Grayscale’s AUM has dropped 3.3% from $5.9 billion to $5.7 billion in the last 30 days.

According to Constantine Tsavliris, Head of Research at CryptoCompare, the decrease in volumes for these crypto investment instruments has a lot to do with the recent price action of Bitcoin and other crypto assets.

“The BTC price dropped from approximately $12k to $10k at the beginning of September. Since then, markets have generally been bearish with a few bull runs throughout the month. ETP investors generally invest long-term, and therefore the recent drop in price combined with a generally bearish market has acted as a signal for more cautious trading behaviour.”


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