CryptoCompare, a market data provider, has just released a report stating that the Bitcoin ETP has surge impressively in both market cap and volume. According to the report, the surge is seen as institutions are buying up Bitcoin more extensively. It has been observed that Bitcoin is performing really well as the bull rally has now reached a $17,800 level and is expected to move further.
The report states that Bitcoin ETP has surged by around 53% over the past one month. In October 2020, the average daily volume was at $113 million, which has now increased to $173.5 million.
CryptoCompare's report also claims that one of the key drivers in this is the Bitcoin Trust product of Grayscale. It has resulted in the Bitcoin ETP surge to such a great extent. The firm has surpassed $9 billion in assets under management and now sits at $10 billion.
Along with the Bitcoin Trust Fund, Grayscale is seeing impressive growth on its Ethereum Trust Fund as well. It has also seen an increase of around 40% in the past one month and its assets under management have now reached $1.7 billion.
Along with the surge in Bitcoin ETP, there has been an impressive growth in 3iQ’s Bitcoin Fund (QBTC) as well. QBTC has recorded the highest returns over the last month, which indicated a subsequent growth. Despite being a rough year, it seems that Bitcoin has performed really well, and now it is leading to its all-time high. The analysts are predicting Bitcoin to reach the $20,000 level very soon if the rally continues like this. Such a huge increase is going to benefit investors who have been trusting and holding Bitcoin for a long time. One prominent one among all is Grayscale as it is now having more than half a million Bitcoin.