- Institutional investors started targeting Bitcoin and investing in $XRP and $ADA.
In September, the organisational investors promoted the bet against the flagship cryptocurrency Bitcoin(BTC) by purchasing products shorting BTC and showcasing exposure to cryptocurrencies like $XRP token and $ADA token, and several other tokens.
The latest review report of CryptoCompare on Digital Asset management highlights that the average daily volume for all exchanges-Traded products(ETPs) hit $ 100 after falling around 80% from the highest recorded in January of 2022 fell, below a million.
The reports note that organisational investors seeking to gain regulated exposure in the digital asset space may “turn to a growing number of cryptocurrency investments” such as those underlined in the report adding that these “crypto more accessible to investors because they can be traded on traditional stock exchanges.”
According to the report, Short bitcoin products that “correspond to the inverse(-1x) of the daily performance of bitcoin future index” mirror a hike in their assets under management during September 2022, with the ProShares Short Bitcoin Strategy ETF(BITI) seen an AUM climb up to 43.9% to $98.8 million, While the 21Shares Short Bitcoin ETP(SBTC) saw a hike of $18.9 million.
CryptoCompare Report also mentioned, “As macro-conditions worsen and the price of major crypto assets continues their downward trend, investors will likely move towards short bitcoin products to profit or hedge their cryptocurrency holdings. 21Shares SBTC were the only exchange-traded product that saw positive 30-day returns this month, rising 5%.”
Although before the successful completion of the Ethereum Merge, it was believed that the prices of crypto affiliated with Ethereum might increase, and the current condition of the crypto market would also improve. Still, over the last 30 days, the crypto market has been struggling hard, and approximately 70% of cryptocurrencies lost their prices by 10%.
Organisational investors are betting on the broad proportion of the crypto market with $1.5 million in average weekly net inflows across multiple-asset management products and XRP investment products seeing $200K on average weekly net inflow, similar to an inflow of Cardano investment product were seen throughout September 2022.
According to data from CoinMarketCap While writing this article Bitcoin is trading at $19,337,Native token of Cardano(ADA) $0.4333 and Native token of Ripple XRP is trading $0.4744.
Source: https://www.thecoinrepublic.com/2022/10/01/institutional-investors-targets-bitcoin-and-invest-on-xrp-and-ada-to-promote-its-uses-cases/