The cryptocurrency exchange-traded products (ETPs) industry is currently valued at an amazing $50.3 billion, as revealed by recent BitMEX study. Their findings show Bitcoin BTC/USD holds the majority of the ETPs with Bitcoin ETP’s total worth sitting at $35.4 billion. Of that number, Grayscale Bitcoin Trust GBTC had the largest portion at $27.08 billion, followed by ProShares Bitcoin Strategies (BITO) at $1.65 billion. Ethereum ‘s ETH/USD accounted for $8.8 billion, with the Grayscale Ethereum Trust leading the stats with a $6.9 billion asset pool. Meanwhile, XBT Provider Ethereum (EUR), the runner-up, contains $535.2 million.
Altcoins are making their presence known in the list as well, led by Solana SOL/USD boasting $682.4 million total value, and 21Shares Solana Staking ETP holding $529.5 million in assets. Grayscale Solana Trust followed close behind with $21.5 million assets. 21Shares Avalanche – the sole dedicated Avalanche AVAX/USD ETP – has amassed $18.9 million in assets, while 21Shares Cardano ETP and 21Shares Ripple ETP carry $50.4 million and $53.6 million, respectively.
Other important ETP groups are Bitwise Multicoin at $720 million, and Grayscale Digital Large Cap with $381.6 million. Reserve Bank of India data today revealed $103 million digital asset inflow, with most of the incoming funds targeting Bitcoin – $87 million. This brings the annual total to an impressive $1.97 billion.
As speculation about an impending Spot Bitcoin ETF approval in January 2024 grows, BitMEX is confident it will significantly impact the volume and structure of ETP products based on Cryptocurrencies, from a range of both spot and futures funds featuring Bitcoin and Ethereum as the main avenues. They borrow from analyst forecasts predicting the likely inclination of many new investors into the crypto space, if — and when — the ETF is approved.
Bitwise Investments, even, is certain success of Spot Bitcoin ETFs would once again set a groundbreaking record for all types of exchange-traded funds.
