Institutions help drive rally as Bitcoin ETP volumes surge 50%

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The Digital Asset Management Review found that aggregate exchange-traded products volumes have surged 53% over the past 30 days.

Average daily volumes now stand at $173.5 million compared to $113 million in October.

The report cited Grayscale's Bitcoin Trust product as one of the key drivers of momentum, surpassing $9 billion in assets under management.

Which now represents $58 million in AUM, surpassing the Bitcoin Cash Trust's $46 million.

The report added that 3iQ's Bitcoin Fund experienced its highest returns over the last 30 days at just over 49%. 3iQ is Canada's leading Bitcoin and crypto asset fund manager.

ETC Group's BTCE product saw the largest percentage increase in assets under management, which almost doubled to $116 million, a surge of 93% from the previous 30 days.

Average volumes for the BTCE product tripled in November to $8.87 million per day, which is over 200% higher than October's average.

WisdomTree is a New York-based exchange-traded fund and ETP sponsor and asset manager.

Institutional-grade products are playing a far greater role in Bitcoin's rally in 2020.

The last time BTC surged to these prices in 2017, the Chicago Mercantile Exchange and Chicago Board Options Exchange were just launching the first institutional Bitcoin futures products for the asset.