Crypto Investment Products’ AUM Dropped 9.5% Amid Crypto Market Crash
The total assets under management among cryptocurrency investment products dropped by 9.5% to $40.5 billion this month after the prices of leading cryptocurrencies plunged, with bitcoin falling 15.1% month-to-date and ethereum dropping 30.3% over the same period.
According to CryptoCompare’s Digital Asset Management Review, average weekly asset inflows across all major cryptocurrency investment products decreased by a whopping 215% since May, as $86 million of outflows were recorded.
Notably, cryptocurrency exchange-traded funds (ETFs) saw a net increase in assets under management of 8.5% to $1.8 billion. Crypto investment products with underlying BTC saw their assets under management drop 6.4% to $29.1 billion, which means they now represent 71.9% of total AUM, up from 69.5% last month.
Ethereum products’ assets under management fell by 15.2% to $9.5 billion, and now represent 23.4% of total assets under management. Among the ETFs, the 3iQ CoinShares Bitcoin ETF (BTCQ) had the highest AUM at $752 million, followed by Purpose’s Bitcoin ETF (BTC) with $715 million.
While assets under management dropped by less than 10%, the report details aggregate daily volumes across all cryptocurrency investment products decreased by “an average of 63.1% in June compared to May,” meaning average daily volumes for this month are now at $494.4 million.
Over the last 30 days, both bitcoin and ether-based products experienced heavy losses that got up to 22.8%. The MVDA Index, a “market cap-weighted index that tracks the performance of a basket of the 100 largest digital assets,” dropped by 15% over the same period.
Data from TradingView shows that the total crypto market capitalization has dropped by around $1 billion since it hit a $2.4 billion peak last month. It’s still far above the $1 trillion mark, which was for the first time surpassed earlier this year.
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