According to the latest edition of CryptoCompare Research’s “Digital Asset Management Review“, in June, one Bitcoin ($BTC) ETP’s assets under management (AUM) managed to hit an all-time high despite the current crypto bear market.
The ongoing crypto bear market saw the price of BTC plunge from around $69,000 back in November 2021 to around $19,000 at the time of writing amid risk-off sentiment in the markets driven by inflation fears, interest rate hikes, and the war in Ukraine.
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In the cryptocurrency space, the sell-off this year was exacerbated by embattled cryptocurrency firms who both have been laying off staff and freezing withdrawals from their platforms citing “extreme market conditions.” Crypto lender Celsius Network has reportedly been advised to file for bankruptcy, while rival lender babel Finance and crypto exchange CoinFLEX froze withdrawals.
CryptoCompare’s report shows that the exchange-traded product that saw its assets under management hit a new high this year was the 21Shares Short Bitcoin ETP (SBTC), which “seeks to provide a -1x return on the performance of Bitcoin for a single day.”
The product, launched in October 2020, obtains short exposure by borrowing BTC and simultaneously selling it on an execution platform, its documentation reads. The ETP had a 30-day return of 30.8% according to CryptoCompare, making it the third consecutive month where the product’s assets under management have risen, recording a new $16.5 million all-time high this month.