Grayscale’s Ethereum Trust (ETHE) had higher daily trade volumes in September than GBTC for the foremost time in history, as per a CryptoCompare article.
“In September, Grayscale’s Ethereum Trust (ETHE) was by far the most transacted crypto currency product, with average daily volumes rising 29% to $250 million (42.4% market share), unseating Grayscale’s Bitcoin Trust (GBTC) for the initial time ever.”
According to the research, cumulative assets under management (AUM) in Bitcoin-based instruments dropped to fresh lows in September, while Ethereum’s market share soared as investors diversified their cryptocurrency holdings.
“AUM in Bitcoin-based instruments dropped 7.8% in September to $35.1 billion (67.9% of current total AUM — the lowest percentage in April 2021, when it stood at 78.3%). Ethereum-based products, on the contrary, achieved their greatest market share of AUM at 25.9%, after a 3.0% drop to $13.5 billion. This trend indicates that investors are looking for cryptocurrency substitutes to Bitcoin.”
Whilst Grayscale’s Bitcoin-based products experienced a decrease in AUM in September, CryptoCompare reports that average weekly net inflows went positive in September following a three-month drop.
“Average weekly net inflows averaged $72.8 million in September, reversing a three-month pattern of withdrawals i.e., -$59.9 million in June, -$12.1 million in July, and $0.6 million in August.”