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.
Aggregate ETP Volume ($millions) Source: CryptoCompare
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 volumes take a hit
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 $40 million.
Top Grayscale Trust Products by Daily Volume ($millions) Source: CryptoCompare
The total asset under management figure (AUM) for Grayscale has also decreased since mid-August, although not nearly as drastically.