BackGlobal crypto funds’ AUM soars 57% in a month to $55 billion
While bitcoin funds’ AUM increased 51.9% to $38.1 billion, the world’s biggest cryptocurrency lost market share as other assets saw greater increases
PremiumDriven by recovery in bitcoin and ether prices, assets under management (AUM) of global crypto funds surged 57.3% to $54.8 billion within a month, according to a report by data provider CryptoCompare.
However, while bitcoin funds’ AUM increased 51.9% to $38.1 billion, the world’s biggest cryptocurrency lost market share (now 69.6% of total AUM vs 72.1% last month) as other assets saw greater increases. Ether’s AUM rose 72.8% to $13.8 million.
“Cryptocurrency markets saw their prices rebound over the last 30 days as bitcoin and ethereum rose 49.7% and 57.4%, respectively (data up to 23 August), triggered by the implementation of the Ethereum London Hard Fork on 5 August," CryptoCompare said in a report.
A major technical upgrade was deployed on the Ethereum network, called ‘The London Upgrade’ or ‘EIP -1559’.
‘EIP -1559’ was a set of interconnected upgrades expected to make the Ethereum network more scalable, secure and sustainable.
Thanks to the recovery in prices, average daily aggregate product volumes also rose 46.6% to $544 million during the last one month, the largest sequential increase since May.
Average daily volume for top crypto funds such as The Grayscale Bitcoin Trust (GBTC) and Grayscale Ethereum Trust (ETHE) stood at $240 million (up 17.4%) and $193.3 million (up 105.9%), respectively.
Volume in Grayscale’s Digital Large Cap product (GDLC) also increased by a staggering 117.4% in July to $6.0mn, the largest increase in any trust product for the same period.
The fund’s composition is bitcoin (69.27%), ethereum (24.49%), cardano (3.57%), bitcoin Cash (0.96%), litecoin (0.88%) and chainlink (0.83%).
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