Most of the major European crypto investment vehicles closed up on Wednesday, with some products seeing a higher degree of outperformance.
21Shares’ Cardano ETP rose the most, up 4.16% at the close. VanEck’s Tron (TRX) was the worst performer on The Block's list, closing down -0.36% on Wednesday.
Here is a brief look at how some of the major European crypto investment vehicles performed on Wednesday, June 8:
As this is the first daily report on ETP and ETN performance in Europe, here is a brief description of these investment vehicles.
An Exchange Traded Product (ETP) is a type of security that tracks the performance of an underlying security, index, or financial instrument — in this case, cryptocurrency. They trade on exchanges and the share price is linked to the underlying asset they track.
An Exchange Traded Note (ETN) on the other hand is a type of unsecured debt security that trades on exchanges. They are a variation of ETFs that don’t provide investors with ownership of the security but just pay the return on the index. As they are unsecured, there is no collateral backing these securities and they are therefore high-risk investments