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21Shares Has Added Over 160% to Its Managed Crypto Funds in 2020



21Shares, formerly known as Amun, now has $100 million in assets under management, or AUM, posting major growth in 2020.

Hany Rashwan, CEO of 21Shares, told Cointelegraph on Aug. 17 that AUM volumes spiked about 164% this year, up from just $39 million in early January. According to the exec, 21Shares hit its $100 million milestone on Aug. 14, with the company’s AUM reaching a threshold of $101.6 million last Friday.

According to Rashwan, 21Shares’ AUM surge has come in response to an increased demand for crypto investment services in Switzerland; the firm is one of the largest providers for crypto Exchange Traded Products, or ETPs. To date, 21Shares’ ETP offering is composed of 11 various ETPs like Crypto Basket Index ETP, 21Shares Bitcoin, and 21Shares Ethereum.

Rashwan said that the overall spike in crypto prices is not the biggest reason for his company’s success:

“From the start of the year, AUM is up around 164%. In just the last month and a half, trading is up over 20x more than its usual levels. This indicates a lot of new buyers, not just an increase in crypto prices.”

Rashwan added the new milestone also comes shortly after 21Shares launched its first physically-backed crypto ETP in Germany in July. Prior to the listing, 21Shares’s AUM stood at about $75 million, Rashwan noted.

Formerly known as Amun AG, 21Shares has been steadily developing its ETP offering. In January 2020, the firm launched trading of 21Shares Short Bitcoin ETP on Switzerland’s major stock exchange, SIX Swiss Exchange. In early July, major American crypto exchange and wallet service Coinbase announced that 21Shares will use Coinbase Custody to secure the ETP.

In late July, crypto fund manager Grayscale revealed that its AUM had jumped by as much as $1 billion in less than two weeks.

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Bitcoin whale clusters show these are the strong support levels




Since topping out at $19,484, Bitcoin price has struggled to reclaim the $17,000-$18,000 level. As the price continues to decline, traders are targeting key underlying support levels to determine where traders will buy if BTC price continues to fall.

The immediate support levels based on whale clusters are $16,694, $16,411, and $16,064. Below the $16,000 support, $15,355, $14,914, and $13,740 that could serve as macro support areas.

Whale clusters form when whales accumulate BTC and do not move their recently acquired funds. The clusters also indicate where whales last bought, signifying potential support areas.

Bitcoin whale clusters. Source: Whalemap

$16,411 is the short term level to watch for Bitcoin

The price of Bitcoin has been showing weakening momentum in the past 24 hours. Following such a major correction, some consolidation is to be expected as the price searches for stabilit.

One positive trend is that buyers have been aggressively defending the $16,411 support area, which is marked by whale clusters. This shows that there is sufficient buyer demand in the market to prevent a broader pullback, at least in the short term.

On Nov. 27, Bitcoin tested the $16,200 to $16,400 support range twice in a span of 22 hours. Both retests were met with a decent response from buyers, as BTC surged above $16,800 in both cases.

For most of the day, Bitcoin remained above $17,000 and peaked at $17,400, showing signs that BTC is regaining its momentum.

Still, some traders are not ruling out the possibility of BTC dropping to the lower macro support areas. A pseudonymous trader known as “Wolf” said the weekly chart is showing signs of overextension. As such, he said that the $13,000 region could get tested. The trader explained:

“Differently from $ETH, $BTC looks way over extended from the weekly 21EMA, still far from interesting support. My ideal entry would be the outlined major support @ 13k’s. Currently we might hold the 16213 weekly support, then head lower for an ABC correction.”

Another pseudonymous trader known as “Crypto Capo” suggested a similar trend. He said that he sees a scenario playing out where BTC rises to $18,000 and then falls to the $13,000 region.

Traders expect Bitcoin’s consolidation to last for weeks

Although there are bearish short-term predictions from long-time Bitcoin investors, some technical analysts say that consolidation could last a while.

Michael van de Poppe, a full-time trader at the Amsterdam Stock Exchange, said the market faced a healthy pullback. Following the correction, Poppe said that consolidation could last for several weeks. He said:

“Relax and zoom out, market is making a healthy correction and giving everyone a great opportunity to invest. Don’t be impatient, the market will make a natural bottom to confirm it’s in. It just takes weeks.”

In the short term, the immediate area of interest for buyers remains the three whale cluster levels at $16,694, $16,411, and $16,064. If BTC falls below these levels convincingly, the probability of a deeper correction could significantly spike.

Following the sharp drop in the price of Bitcoin (BTC), whale clusters show several areas as key support levels. These levels could allow BTC to stabilize and regain its momentum in the short term.