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Worldwide digital asset-based ETPs AUM surges 51 per cent year to date: Fineqia

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Digital investment business, Fineqia International, announces that its analysis of global ETPs with digital assets as underlying collateral, revealed a 51 per cent growth in total Assets Under Management (AUM) in the year-to-date (YTD) period amid renewed interest by investors.

Year-to-date, total crypto AUM shows a premium growth of 63.5 per cent compared to the underlying value of digital assets, which grew slower at 31.5 per cent since the beginning of the year. In August, total crypto AUM decreased 11 per cent to USD30.2 billion from USD34 billion. The decrease mirrored the drop in values of digital assets during the same period. The market value of crypto assets fell 11 per cent, to about USD1.05 trillion from USD1.17 trillion. 

“While the momentum so far this year has been quite positive, August reflects historic weakness in the digital asset and capital markets,” says Fineqia CEO Bundeep Singh Rangar. “The S&P 500 dropped 1.4 per cent last month, for example, lowering its YTD gains to 18.8 per cent. We’ll be on the lookout for changes in the months ahead.”

Bitcoin’s (BTC) price decreased 11 per cent in August, to USD26,000 from USD29,200 recorded on July 31. The AUM of ETPs holding BTC correspondingly dropped by 10.7 per cent, to USD21.3 billion from  USD23.8 billion. Ethereum (ETH) fell 11.2 per cent in value to USD1,646 from about USD1,854. ETH-denominated ETPs AUM decreased 10.9 per cent to USD6.8 billion on Aug. 31, compared with USD7.6 billion a month earlier. 

Grayscale, the American digital asset management company, won a lawsuit against the SEC concerning the rejection of its Bitcoin Spot ETF filing. The SEC is now called to re-evaluate the rejection as the judge claimed the reasons were inadequate. Despite this victory, in August the cumulative AUM for the Grayscale Trusts decreased 10.7 per cent, to USD21.9 billion from USD24.5 recorded at the end of July. 

This performance closely mirrored the digital asset market and the ETPs digital asset market, showing the decision did not cause any major inflow for Grayscale. The discount for Grayscale Bitcoin Trust (GBTC) narrowed to about 20 per cent, however, marking the lowest discount since the beginning of 2022.

ETPs representing a basket of cryptocurrencies decreased 13.1 per cent in AUM, and ETPs representing alternative coins index decreased 16.2 per cent.

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