Cryptocurrency Asset Manager CoinShares Reports Record Volume in ETPs

CoinShares ETPs reported a trading volume of more than $490 million in a single day amid market volatility.

Cryptocurrency asset management firm, CoinShares announced that the company’s exchange-traded products (ETPs) touched record trading volumes on 19 May 2021 amid a significant jump in crypto market volatility.

According to an official announcement, two ETPs of CoinShares, XBT Provider and CoinShares Physical platform saw trading volumes of more than $490 million on Wednesday after the cryptocurrency market experienced a significant drop.

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The overall market cap of cryptocurrency assets reached a record high of $2.6 trillion earlier this month. Due to the latest volatility, the cryptocurrency market cap touched a low of $1.4 trillion on Wednesday. As of writing, the total value of digital currencies stands at around $1.75 trillion.

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Commenting on the recent announcement, Frank Spiteri, Chief Revenue Officer at CoinShares, said: “These impressive volumes demonstrate the robustness of our ETPs which deliver great outcomes for our investors and continue to operate seamlessly during even the most volatile periods. At a time when several crypto exchanges halted trading, our ETPs are being used as a trusted vehicle to access the digital asset class.”

Earlier this week, the cryptocurrency asset manager released its weekly digital asset fund flow report and highlighted a substantial jump in Bitcoin-related outflows. BTC investment products saw nearly $98 million worth of outflows last week.

Cryptocurrency ETPs

During the latest announcement, CoinShares mentioned that the global investors are embracing cryptocurrency ETPs. The asset management firm outlined some of the major achievements of CoinShares ETPs in the last few years. The company’s cryptocurrency ETPs surpassed $5 billion in assets under management (AUM) during April 2021.

“Technology is the backbone of our Company and over the last seven years, we have invested in building the right infrastructure and trading platform with sufficient capacity and performance to bring trust, transparency and reliability to this new asset class. The XBT Provider product family has not had to halt trading despite some pretty amazing volatility spikes,” Jean-Marie Mognetti, CEO of CoinShares mentioned in the official announcement.

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