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A report prepared by the cryptocurrency platform Fineqia has caught everyone’s attention. According to the report, investment vehicles (ETPs) traded on the global cryptocurrency exchange garnered significant interest in 2023, surpassing the growth of underlying assets in this area. Fineqia announced that crypto-based ETP products issued by institutions such as 21Shares, Grayscale, and CoinShares experienced a 91% increase in total assets under management (AUM) from January 1 to October 31, 2023.
Rising Interest in Crypto ETP Products
The increase in crypto ETP products outpaced the growth of underlying crypto assets by 30%, as crypto assets experienced a relatively slower growth rate of approximately 70% during the same period. Fineqia’s research focuses on a total of 168 crypto ETP products currently issued, based on ETP AUM data obtained from sources such as 21Shares, Grayscale Investment, VanEck Associates, and others. A spokesperson for Fineqia stated:
“The research includes all products issued by 21Shares, Grayscale, CoinShares, ETC Group, VanEck, WisdomTree, and other issuers.”
Fineqia’s research analyst Matteo Greco noted that the data is updated on the first business day of each month, and therefore, the data reflects the end of the previous month. Greco also stated that the data is collected from data analysis platforms when official sources and issuer websites do not provide the data, and continued:
“All data is stored in an electronic spreadsheet and has been stored monthly since August 2022.”
According to Fineqia, Bitcoin was one of the most profitable investment instruments in the crypto market during the period from January 1 to October 31, 2023, with a 104% increase. Ethereum, the second-largest cryptocurrency by market value according to data from CoinGecko, also experienced a 50% increase during the same period.
According to the Fineqia team, the crypto ETP AUM data reached a value of $38 billion in October, a 25% increase compared to the previous month, and reached the highest level since May 2022. The total market value of the cryptocurrency market also increased by 17% in October, rising from $1.15 trillion to $1.35 trillion.