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Interest in Crypto Investment Products Weakens Further in July: Report

The decline comes as the price of bitcoin fell below the $30,000 threshold.

Jul 22, 2021 at 7:04 p.m. UTC
Updated Sep 14, 2021 at 1:29 p.m. UTC

Interest in cryptocurrency investment products continued to decline in July as the price of bitcoin fell below the $30,000 threshold.

A new report from CryptoCompare highlights the decline in trading activity as well as a drop in total assets under management (AUM) in the digital asset investment sphere.

Compared with traditional asset classes, digital asset markets still have a “long way to go before more risk-averse investors are fully at ease,” according to CryptoCompare.

Key findings from the report include:

  • Since June, total assets under management across exchange and over the counter-traded digital asset investment products decreased by 14% to $34.8 billion according to the report.

  • “Grayscale products represent the vast majority of AUM at $27.9bn (80.1% of total) followed by those of XBT Provider ($2.7bn, 7.8% of total) and 21Shares ($949mn, 2.7% of total)” according to the report. (Grayscale is a unit of Digital Currency Group, which also owns CoinDesk.)
  • The report also found that trading activity in the investment products continued to slow, with aggregate daily volumes of $319 million, down 35% so far in July compared with June levels. Grayscale’s bitcoin trust product (GBTC) sustained its majority share of trust product volume at 59.1%. However, average daily volume for GBTC was down 37% to $160 million 
  • Despite the decrease in trading activity and drop in AUM, net investment flows turned positive in July. Net inflows increased to $58.5 million, in comparison to net outflows of $59.5 million in June.

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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