Ethereum-based products may bounce back in July- Cryptocompare report

  • A report by crypto compare states that the Ethereum-based products may bounce back in July
  • According to the report, the products gave a productive return of 30- days 

In July, the products associated with the virtual assets investment craving crypto have listed gains after a long downfall of the top cryptocurrencies, which faced huge losses and extraordinary causal sequences. The 21Shares short Bitcoin ETP was one and only, which reported a drop.

According to Cryptocompare, a cryptocurrency data provider which issued Digital Asset Management Review- July 2022, In July 2022, the cryptocurrency investment product which was taken in the report has seen a productive return of 30- days with products based on Ethereum is directing the overcome. In contrast, it is being managed by the price movements in the fundamental asset.

Gain of Ethereum investment products

The report claims that the Ethereum investment products have gained about 25.9% to 37.8% in the month of July, whereas the fundamental cryptocurrency faced a gain of 13.6% in this month till now.

XETHEUR ETC product got the topmost return of 37.8% in 30 days, and this product held the topmost position in this group. With this, the Ethereum investment products’ marked a rise of 44.6% to $6.57 billion and the Bitcoin investment products marked a rise of 16.9% to $18.9 billion.

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

In July, the U.S SEC refused the acceptance of a spot bitcoin ETF which eventually resulted in a slight gain of 0.63% in the assets under management of exchange-traded funds.  

Meanwhile, trust products have seen a gain of 18.7% to $0.6 billion in their assets under management. On the other hand, exchange-traded notes (ETNs) remarked an 18% gain to $1.9 billion, whereas exchange-traded commodities remarked a 15% gain to $1.54 billion.

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

Mike McGlone analysis 

Mike McGlone, an Intelligence analyst for Bloomberg, proposed that the flagship cryptocurrency Bitcoin ($BTC) may beat other assets in the next six months of this year as it is stepping forward to global security parallel to that of Treasury bonds.

McGlone took Twitter to express his views and stated that Bitcoin may recover in the second half of this year and might present itself in a better way. The analyst strongly believes that a sequence of factors in broader equities and materials markets may clash with residing crypto.

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