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Bitcoin Crypto Basket ETP Sees Over $400,000 in Trading in First Week

The Bitcoin ETP launched by Amun on Swiss exchange SIX last week has completed its first week of trading, and figures indicate that the product has done a remarkably good job.

The ETP, which offers Bitcoin, Ethereum, Litecoin, and Ripple, has the highest turnover of all products on the exchange. Bitcoin Cash was also among the listed tokens, but was removed after the much-maligned hard fork.

The Amun Crypto Basket ETP produced a turnover of 425,712 CHF ($425,000), and beats gold, silver, and oil.

Clearly, there appears to be demand among investors for the new asset class. It could be the case that investors were anticipating the launch of the ETP and were eager to make their first digital asset purchases — whether or not this enthusiasm holds over the coming months remains to be seen.

Source: The Block

The Block, known for getting the first scoop on big stories, reports that a person familiar with the industry has stated that the purchase of the ETP is split 50/50 between retail and institutional investors.

If this is the case, then it marks an important step for the digital asset class, which is making inroads in the institutional market with the imminent launch of several products aimed at such investors.

Crypto Market at a Crossroads

The development is interesting, given that the market just seems to be pulling itself out of the bear market slump, with Bitcoin trading at $4,400 at the time of writing.

Unsurprisingly, the Amun ETP has also been affected by the market dip. Upon launch, it was trading at $13.80 and is now trading at roughly $12.40 per unit.

Those hoping that the crypto basket would lift the market out of its depression were left a little disappointed. The total value of investment vehicles on the SIX platform amounts to $1.6 trillion, which is quite a distance away from the $425,000 of trading volume achieved by the ETP.

Still, the fact that there is now greater liquidity in the cryptocurrency market is a positive development, with expansion and outreach being key if the market is to draw in more investors and pull itself out of the bear market.

One thing has been agreed upon and proven in the market, though — institutional investors are interested, and in it for the long run.

Long-term holdings by big buyers should add to the stability of the market, which in turn should attract more users as volatility subsides. With the SEC now hinting at a Bitcoin ETF, the market could certainly be on the cusp of a turnaround.

Abhimanyu Krishnan

Abhimanyu is an engineer on paper but a writer by living. To him, the most celebratory aspect of blockchain technology is its democratic nature. While he’s hodling, he can be found reading a good book or making the local dogs howl with the sound of his guitar playing.

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Abhimanyu Krishnan

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