Ethereum Products Grew In August, New Reports Reveal

Ethereum Products Grew In August, New Reports Reveal

Ethereum has been making headlines a lot this year, and this is due to the many achievements that the project has been surrounded with. Check out the latest one that has been revealed below.

ETH sees new achievements in the crypto space

Ethereum is expecting an update and the whole fuss around it is going to trigger massive moves in price according to the latest predicitons coming from relevant voices in the crypto space.

The upcoming Merge has contributed to a rise in Ethereum investment products and trading volume, new reports reveal. The crypto market AUM figures continue to drop amid the bear market

“Ethereum investment products increased by 2.36% to $6.81 billion in assets under management (AUM) throughout August, outperforming Bitcoin products which saw a 7.16% drop off to $17.4 billion,” according to data coming from Cointelegraph.

The figures were contained in a new report by CryptoCompare.

This has also been reflected in the Bitcoin (BTC) and Ethereum (ETH)-product trading volumes.

It’s also worth noting that Grayscale’s most notable Bitcoin product, GBTC experienced a 24.4% drop in volume, while its Ethereum product, GETH increased 23.2%.

CryptoCompare’s report suggests the highly anticipated Ethereum Merge was the cause behind the change in trading volumes.

Indeed, even at a more granular level, no Bitcoin products covered in this report saw AUM or volume gains in the month of August. We could be seeing interest move away from Bitcoin in the short term, as Ethereum-based products hold the attention with the much-anticipated merge on the horizon.

Regarding ETH’s price today, at the moment of writing this article, ETH is trading in the green, and the coin is priced at $1,584.

There are all kinds of optimistic prediciotns surrounding the digital assets, and despite the market volatility, they continue to remain optimistic. Stay tuned for more news from the crypto space, and make sure to check the market as well.



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