Fineqia International Inc (CSE:FNQ, OTC:FNQQF) announced that its analysis of global exchange traded products (ETPs) with digital assets as their underlying collateral showed assets under management in the year-to-date increased to $87 billion, a 75% increase from $49.5 billion.
The digital asset business highlighted that the growth in ETP's assets under management outpaced the rise in the value of underlying digital assets in the year-to-date by more than 2.5 times.
In July, Bitcoin’s price increased 0.4% to $62,075 from $61,850 at the end of June.
At the same time, the assets under management of ETPs with Bitcoin as their underlying asset grew 2%, reaching $68.9 billion from $67.5 billion at the end of June.
Fineqia said this data suggests net inflows into Bitcoin ETPs for July driven by strong inflows into Bitcoin Spot ETFs in the United States.
"In the recent turbulent skies of the market, BTC ETPs are soaring like eagles," Fineqia CEO Bundeep Singh Rangar said in a statement.
"Their strength and resilience continue to lift them above the fray, pulling in investors along the way."
Ethereum decreased by 12% in July, dropping to $3,000 from $3,409 and the assets under management of ETPs holding Ethereum as their underlying asset dropped by 14.8% to $12 billion.
Grayscale Ethereum Trust's assets under management also decreased by approximately 40%, dropping from $10.2 billion at the end of June to $6 billion.
The company said that if the trend seen with Bitcoin Spot ETFs repeats, net inflows are expected to increase and attract new capital into the market once the Ethereum outflow begins to decline.
"As Ethereum ETFs take the stage, they're laying down tracks for others to follow. Their launch paves the way for other digital assets to be adopted by the ETF industry,” Rangar said.
The total number of ETPs has increased 28% from the start of the year, rising by 16 in July driven by the launch of Ethereum Spot ETFs.