Cryptocurrency ETFs were the only product structure in the crypto universe that saw a net increase in assets during the first three weeks of June.
Withstanding the battering given to crypto markets recently that started with the ‘flash crash’ on May 21, there was an 8.5% increase in crypto ETF assets under management (AUM) to $1.8, according to CryptoCompare.
However, the gains were based on inflows and were only in Canada, where most crypto ETFs are based, according to CryptoCompare – a London-based data provider. Canadian firms 3iQ and Purpose Investments gained inflows for bitcoin and ethereum products.
Average daily trading volumes for crypto ETFs were nevertheless down in June, by an average of 69.8%.
Total AUM across all digital asset investment products decreased by 9.5% to $40.5 billion over the period and average weekly outflows were $86 million – a decrease in netflows of 215% since the end of May.
Crypto ETFs are seen as a way for institutional investors to gain regulated exposure to digital assets.
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