Ethereum-Based Products May Rebound in July – Cryptocompare Report

  • Crypto Compare Report Says Ethereum-Based Products May Rebound in July
  • According to the report, the products gave a productive return of 30 days

In July, products associated with investing in crypto-seeking virtual assets recorded gains after a long slide in major cryptocurrencies, which suffered huge losses and extraordinary causal sequences. The 21Shares short Bitcoin ETP was the one and only, which signaled a decline.

According to Cryptocompare, a cryptocurrency data provider who published Digital Asset Management Review – July 2022, in July 2022, the cryptocurrency investment product that was taken in the report saw a productive return of 30 days with Ethereum-based products heads overcoming it. Instead, it is driven by the price movements of the fundamental asset.

Earning Ethereum investment products

The report claims that Ethereum investment products gained around 25.9% to 37.8% in the month of July, while the fundamental cryptocurrency faced a 13.6% gain this month so far. ‘now.

The XETHEUR ETC product had the highest return of 37.8% in 30 days, and this product ranked first in this group. With that, Ethereum investment products marked a rise of 44.6% to $6.57 billion and Bitcoin investment products marked a rise of 16.9% to $18.9 billion.

The report also pointed out that the daily cumulative volumes of all products fell by 44.6%; thus, overall trading volumes dropped drastically. This data also marked the lowest overall daily volume since September 2020.

In July, the US SEC refused acceptance of a spot bitcoin ETF, which ultimately led to a slight gain of 0.63% in assets under management for exchange-traded funds.

Meanwhile, trust products saw an 18.7% gain to $0.6 billion in assets under management. On the other hand, Exchange Traded Notes (ETNs) saw an 18% gain to $1.9 billion, while Exchange Traded Commodities saw a 15% gain to $1.54 billion. .

The Crypto data compare was released when the crypto industry apparently started to improve slightly and optimistic forecasts were made.

Analysis by Mike McGlone

Mike McGlone, intelligence analyst for Bloomberg, has proposed that flagship cryptocurrency Bitcoin ($BTC) could beat other assets in the next six months of this year as it moves towards global security paralleling that of bonds. of the Treasury.

McGlone took to Twitter to air his views and said Bitcoin may recover in the second half of this year and may be in better shape. The analyst strongly believes that a sequence of factors in the broader equity and material markets could conflict with the resident crypto.

Latest posts by Ritika Sharma (see everything)

Comments are closed.