Cryptocurrency-based exchange traded products, or ETPs, saw their assets under management swell by 39% over the course of January. This came as the total market value of the cryptocurrency marked ballooned by 33% during the same time period.
CONSTELLATION BRANDS, INC.ETPs held an 18% premium as a result of capital inflows and asset value increases relative to general crypto asset valuations.
During January, the crypto market exceeded the $1T level for the first time since November 2022, ending the month at $1.05T. This figure represented an increase from the $800B seen in December. The market was bolstered by a rise in crypto assets, including the likes of Bitcoin (BTC-USD) and Ethereum (ETH-USD).
Net crypto ETP assets rose from $20B to $27B during the month according to Fineqia Research. See listed below a grouping of prominent crypto ETPs and ETFs along with their year-to-date performances:
Additionally, to start off the year Bitcoin and Ethereum moved higher by 30.5% and 23.7%, as Bitcoin trades near the $21.5K marker and Ethereum holds the $1,475 handle.
In related crypto news, despite the bear market in 2022, tokens like Bitcoin and Ethereum will likely remain in demand, Philadelphia Fed President Patrick Harker said Friday, citing survey data.
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