Ethereum products received more investment than Bitcoin products in August

The total asset value (AUM) managed by Ethereum investment products rose 2.36 percent to $6.81 billion in August. The AUM value of Bitcoin products, on the other hand, decreased by 7.16 percent to $ 17.4 billion in the same period.

CryptoCompare will convert the data in question into a new in the report conveyed.

This was also reflected in the transaction volumes of Bitcoin (BTC) and Ethereum (ETH) products. Grayscale’s leading Bitcoin product, GBTC, experienced a 24.4 percent volume drop. The volume of the company’s Ethereum product, GETH, increased by 23.2 percent. According to CryptoCompare, the reason behind the change in trading volumes is Ethereum Merge, which the market has long been waiting for:

Even when examined one by one, it seems that no Bitcoin products experienced an increase in AUM or volume in August. In the short term, we can see that the interest shifts from Bitcoin to Ethereum-based products, which are attracting attention due to the long-awaited and on the horizon Merge.

Overall, the AUM value of digital asset investment products dropped 4 percent month on month. With $13.4 billion (53.4 percent) of the total $25.8 billion invested in these products is in GBTC, the overall decline in value is mostly attributed to the 6 percent depreciation of this product.

The highest investment inflow was seen in the “Other” category, which represents Bitcoin and non-Ethereum products. The total value managed by these products rose 12.3% in the first three weeks of August to $1.13 billion.

Ethereum products received more investment than Bitcoin products in August
The total monthly value managed by digital asset investment products declined during the bear market. Source: Crypto Compare

Despite the bear market, some of the leading financial institutions in August; has launched new crypto investment products such as exchange-traded funds (ETF), exchange-traded certificates (ETC), exchange-traded securities (ETN), and trusts.

The private spot Bitcoin Trust launched by BlackRock received a comment from Grayscale CEO Barry Silbert, “Here comes Wall Street.” The world’s largest asset management company launched the new fund in collaboration with Coinbase.

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