![](\"https:\/\/cryptoglobe.s3.eu-west-2.amazonaws.com\/2022\/06\/Web-capture_30-6-2022_16521_www.cryptocompare.com_.jpeg\")
<\/p>\nAccording to the latest edition of CryptoCompare Research\u2019s \u201cDigital Asset Management Review\u201c, in June, one Bitcoin ($BTC) ETP\u2019s assets under management (AUM) managed to hit an all-time high despite the current crypto bear market.<\/p>\n
The ongoing crypto bear market saw the price of BTC plunge from around $69,000 back in November 2021 to around $19,000 at the time of writing amid risk-off sentiment in the markets driven by inflation fears, interest rate hikes, and the war in Ukraine.<\/p>\n
In the cryptocurrency space, the sell-off this year was exacerbated by embattled cryptocurrency firms who both have been laying off staff and freezing withdrawals from their platforms citing \u201cextreme market conditions.\u201d Crypto lender Celsius Network has reportedly been advised to file for bankruptcy, while rival lender babel Finance and crypto exchange CoinFLEX froze withdrawals.<\/p>\n
CryptoCompare\u2019s report shows that the exchange-traded product that saw its assets under management hit a new high this year was the 21Shares Short Bitcoin ETP (SBTC), which \u201cseeks to provide a -1x return on the performance of Bitcoin for a single day.\u201d<\/p>\n
The product, launched in October 2020, obtains short exposure by borrowing BTC and simultaneously selling it on an execution platform, its documentation reads. The ETP had a 30-day return of 30.8% according to CryptoCompare, making it the third consecutive month where the product\u2019s assets under management have risen, recording a new $16.5 million all-time high this month.<\/p>\n
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On 21Shares\u2019 website, the firm details that inverse ETPs such as SBTC are \u201cnot suitable to all investors,\u201d but are \u201cintended for investors who understand the risks investing in a product with short exposure and intend to invest on a short-term basis.\u201d<\/p>\n
The firm\u2019s website details that while ETPs are \u201cstructured and operate very similarly to traditional Exchange Traded Funds (ETFs),\u201d their primary difference is that ETPs are \u201cdebt securities issued by a Special Purpose Vehicle (SPV) instead.\u201d<\/p>\n
Earlier this year, in an interview with CryptoGlobe, 21Shares\u2019 co-founder and president Ophelia Snyder noted the firm has seen huge success for its products offering exposure to Solana ($SOL) and Polkadot ($DOT) as investors were betting on these two altcoins.<\/p>\n
21Shares Short Bitcoin ETP\u2019s assets under management rose during a month in which the assets under management of cryptocurrency investment products reached record lows, with CryptoCompare detailing ETFs experienced the largest drop in AUM at 52% to $1.31 billion.<\/p>\n
Trust products, which have an 80.3% market share, fell 35.8% to $17.3 billion, while ETCs and ETNs fell 36.7% and 30.6% to $1.34 billion and $1.61 billion respectively. The report also mentions the $500 million outflows from Bitcoin\u2019s biggest ETF that led to a price crash earlier this month.<\/p>\n