Institutional investors and “access products” are key to price support, according to Bitcoin’s ETP boss

Bradley Duke’s BTCetc product has skyrocketed since it was launched in June 2020. It’s been a dizzying month for Bradley Duke. The ETC Group CEO saw the value of his Bitcoin Exchange Traded Crypto product increase by around 200% in 6 months as interest in digital currencies exploded. The fate of Duke and ETC was driven by the huge surge in Bitcoin prices. It rose more than 280% over the past year and hit $ 32,284 on Friday morning. Bitcoin hit an all-time high of nearly $ 42,000 earlier this month before falling last week. Retail investors, and even now some institutions, have opted for products like Exchange Traded Crypto (known as BTCetc or BTCE), which tracks the price of Bitcoin and is listed on the German XETRA and Swiss Six exchanges. . According to Duke, the fund had around $ 475 million in assets under management two weeks ago (although the number was down with Bitcoin last week), having only launched in June last year. . The trading volume of the product can keep up with that of the largest exchange-traded funds in Europe: In the first week of the year, the average volume was around 50.4 million (61.2 million) dollars per day, according to Deutsche Börse, and reached a daily high of 92.6 million. 11th January.