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Ethereum's AUM Nearly Halved in June: Report

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Mon, 4/07/2022 - 14:37
Ethereum's AUM Nearly Halved in June: Report
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According to a report recently published by cryptocurrency analytics firm CryptoCompare, Ethereum investment products' assets under management collapsed 46.7% in June to $4.54 billion.

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For comparison, Bitcoin's AUM shrunk by roughly 33.6% over the same period of time.

Ethereum recently recorded its worst quarter ever, plunging by a whopping 67% since April. On June 18, the price of the second-largest cryptocurrency collapsed to as low as $881. Meanwhile, Bitcoin logged its worst quarter since 2011, with its value declining by more than 68%.

Grayscale, the world's largest crypto asset manager, accounts for more than 77% of the total AUM.

Overall, weekly net outflows logged a new record high average of a whopping $188 million, which shows that institutional investors soured on crypto due to rapidly falling prices.

ETF-linked AUM plunged by more than 52% last month due to worsening market conditions.

Meanwhile, short Bitcoin products benefited from the crypto carnage, adding $33.2 million on average per week.

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Trading volumes remain relatively steady

In the meantime, trading volume across cryptocurrency investment products fell by 7.16% last month. Grayscale Bitcoin Trust (GBTC) was, as expected, the most traded one, recording $125 million in average daily volume. In fact, GBTC's trading activity grew more than 18% last month. On the other hand, Grayscale's Ethereum trust logged a 25% drop in trading volume, failing to buck the trend.

While the overall drop is relatively modest, digital investment products still recorded their lowest trading volume since November 2020.

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