Following the numerous high-profile crashes seen earlier this year, traders may be looking to diversify their crypto portfolio further to offer insurance against any more possible black swan events.

August Highlights

• Ethereum-based products led the bounce-back in July and continued to outperform in August. AUM for Bitcoin-based products fell 7.16% to $17.4bn whilst Ethereum-based products saw gains of 2.36% to $6.81bn.
• Despite increasing volumes surrounding Ethereum products, the majority of AUM in trust products continued to reside in Grayscale’s Bitcoin product (GBTC - $13.4bn– down 7.05% since July), followed by Grayscale’s Ethereum product (ETHE – $4.80bn – up 2.25%).
• For the first time since December 2021, Grayscale’s Bitcoin trust product (GBTC) lost its position as the most traded trust product. The average daily volume of the fund totalled $42.3mn (down 24.4%). Grayscale’s Ethereum trust took the top spot with an average daily volume of $48.7mn (up 23.2%).