The crypto market may be crashing, but demand for Exchange-Traded Products (ETPs) remains high. This is evident in the surge in demand for CoinShares ETPs on May 19th. The exchange has announced that demand surged to $490 million.
CoinShares has stated that the demand was driven by XBT Provider and CoinShares physical platform. The exchange also announced that of the total volumes flowing into the two ETPs, $312 million was in Ethereum. The other amount was in Bitcoin, XRP, and Litecoin.
The exchange noted that even as the crypto market continues to take a nosedive, investors are warming up to ETPs. It attributed this to increased innovation in the ETP space over the last couple of years. CoinShares noted that this has seen crypto ETPs grow their assets under management to more than $5 billion in April 2020.
Before the market dip, CoinShares had noted a significant increase in BTC outflows. It noted that outflows related to products hit close to $100 million. However, since the market crashed, the company has seen about $500 million in ETPs moving in a single day. This made it the highest traded ETP in the EU. Its ETPs now have more than $5 billion under management.