Crypto ETP Trading Volumes Plunged 74% Over the Last Month
Cryptocurrency exchange-traded product (ETP) trading volumes have plunged over 74% in the last month, as the prices of these products have also been dropping. ETP volumes dropped from $186.5 million in mid-August to an average of $48 million in mid-September.
CryptoCompare analysis shows Grayscale’s Bitcoin Trust product, GBTC, represented the “vast majority” of ETP volume and as such accounts for most of the decrease in trading activity. The top three ETPs were Grayscale’s GBTC, and its Ethereum Trust (ETHE) and Ethereum Classic Trust (ETCG), which traded a combined $180 million per day in mid-August, and just over $40 million per day in mid-September.
