Traders are going crazy over Switzerland’s new exchange traded product | Ripple, Coinbase back project aimed at revolutionizing the U.S. securities industry
|Nov 26, 2018||Public post|
“Now, losing a little less value than the worthless currency of a bankrupt government run by an economically illiterate drug cartel has — Venezuela’s ruling class has also gotten into the cocaine trade — might not seem like much of an accomplishment. That’s because it isn’t.” — Matt O'Brien, reporter Washington Post
The Big Block
An exchange traded product tracking five of the largest cryptos has become a darling among traders even as the market for digital assets continues to dump.
The so-called Amun Crypto Basket ETP began trading on Switzerland’s Six Exchange last week and it now has the highest volume of any exchange-traded product trading on the venue. To be sure, the price of the investment product is down 15% at $12.40 a unit, reflecting the bearish sentiment of the overall crypto market. It began trading near $13.80 a unit. Since mid-November, the market for digital currencies has shed more than $85 billion.
Still, its turnover of 425,000 CHF ($425,000) a day beats a number of products in silver, crude oil, and gold trading on Six. High volumes are typically a sign of investor enthusiasm in a given stock or financial-product. As for Amun, the fact that volumes are so high could indicate that there was a lot of pent up demand for buying digital assets, according to market structure specialists who spoke to The Block.
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