A bitcoin exchange-traded product (ETP) from ETC Group has recently been trading at volumes normally seen by the most popular European exchange-traded funds (ETFs).
- Data shared by Deutsche Börse showed that, in the first 11 days of January, the average daily order book turnover for the BTCetc ETP (BTCE) reached €57 million ($69 million), reports the Financial Times on Friday.
- The most highly traded exchange-traded product on the stock exchange – the iShares Global Clean Energy Ucits ETF (INRG) – was ahead of the BTCE by only €1 million ($1.2 million).
- The bitcoin product, first listed last June, was trading with volumes far above all the other 1,800 ETPs listed on the German bourse.
- The structure of the bitcoin ETP has “increased the appeal of cryptocurrency investments for institutional investors,” who can trade the digital asset without having to go through the complexities of directly owning the digital assets, Stephan Kraus, head of Deutsche Börse’s ETF segment, told the FT.
- On Wednesday, the same bitcoin ETP was listed on Swiss stock exchange SIX, further expanding its reach.
Read more: Deutsche Borse Exchange to List New Bitcoin Exchange-Traded Product