Blockchain insights platform CryptoCompare is outlining what it sees as increased interest in Ethereum-based investment products.
According to the firm’s new report, assets under management (AUM) of all investment products surged to $54.8 billion over the last 30 days, marking a growth of 57.3% despite an average weekly outflow of $22.5 million in the first three weeks of August.
The report says that investments in ETH-based products increased to $13.8 billion, representing a growth rate of 72.8%, the fastest among crypto investment products. ETH-based products also gained a market share of 25.2%, the highest so far this year, according to the report.
“Ether, and ETH-based products, have gained significant momentum following the protocol’s recent London Hard Fork, as well as the growth in Non-Fungible Token (NFT) markets.”
CryptoCompare also credits Ethereum-tracking products for driving the daily trading volumes of the investment product market, which the firm says rose by 46.6% to $544 million in August, the largest month-on-month increase since May.
“This increase was largely driven by Ethereum tracking products, most notably Grayscale’s ETHE trust, with average daily volumes increasing 105.9% to $193.3mn.”
The AUM growth across digital asset investment products came as the prices of cryptocurrencies rebounded over the last month, with Bitcoin (BTC) and Ethereum rising by 49.7% and 57.4% respectively, according to the report.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxCheck Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Space creator
