Amun Crypto’s Bitcoin exchange-traded product (ETP), the first global multi-crypto ETP, is hitting record trading volumes.
The Swiss startup released the product under the ticker “HODL” about a month ago, just as the price of Bitcoin started plummeting from above $6,000 to a low of around $3,200. The ETP has seen an average of 20,000 shares traded daily over the past month with record volumes of 53,233 shares and 62,986 shares traded last Thursday and Friday.
Last week’s increase in trades coincided with Bitcoin’s price dip from $3,875 for much of Thursday to a low of $3,284 on Friday.
During a series of tweets, Su Zhu, CEO of FX Hedge Fund, noted the “correlation between volume and price continues to be very strong at -68%.”
According to the chart below, the ETP’s trading volume increases as the price lowers, and decreases as the price rises.
Bitcoin makes up for the largest share of the HODL ETP at 48%, followed by XRP at 30%, Ethereum at 17.6% and a small amount of Bitcoin Cash and Litecoin. Bitcoin is trading around $3,491 at time of writing.
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