for an ETF that will directly track Bitcoin. Since then, other TradFi giants like WisdomTree and Invesco have jumped on the bandwagon. In the process, the king coin briefly touched the $31,000 level, the highest in over a year.by digital assets data provider CCData, the bullish narrative resulted in a sharp growth of digital asset investment products. The average daily aggregate volumes of digital asset investment products snapped its two-month declining streak to rebound with a 6.
Growth was led, as expected, by Bitcoin-based investment products, which increased their market share to 73%. This was a three percentage point increase from May. However, despite a 2.68% growth in AUM,Trust products capitalize The report also highlighted a surge in the trading activity of trust products. Grayscale Bitcoin Trust , the world’s largest Bitcoin fund, recorded $45 million in trading volume in June, a jump of 79% from the previous month. The trust, which is very similar to a crypto ETF, got a boost from BlackRock’s application.
GBTC remained the most traded trust product, capturing 74% of the market share in June, up from 70.9% in May. On similar lines, the second-largest traded crypto trust product, Grayscale Ethereum product , registered a 57.3% uptick in volume. However, its market share declined from 25.7% in May to 23.6%.Meanwhile, the aggregated market cap of all crypto assets shot up by 15% over the last two weeks. Thus, it managed to recover all the losses made since the legal actions taken on crypto behemoths by U.S. regulators. At the time of writing, the market cap was $1.18 trillion.