Last month several cryptocurrency exchange-traded products (ETPs) posted record losses, with the worst-performing product being 21Shares’ Aave ETP, which dropped 52.6%. ETPs focused on leading cryptocurrencies like BTC and ETH lost between 27% and 45% of their value.

Crypto lender Voyager Digital filed for Chapter 11 bankruptcy protection late Tuesday, becoming the second high-profile crypto firm to do so recently. The firm estimated it had more than 100,000 creditors and somewhere between $1 and $10 billion in assets.

Embattled crypto lender Celsius Network has been aggressively repaying debt on the largest decentralized finance protocol, Maker, possibly to recover bitcoin-equivalent tokens that had been posted as collateral for the loan.

Top stories in the Crypto Roundup today:

• Crypto ETPs Post Record Losses in June
• Voyager Digital Files for Bankruptcy Protection
• Celsius Network Repays $183 Million DeFi Loan
• Crypto Investment Products’ Weekly Net Outflows

Crypto ETPs Post Record Losses in June

Last month several cryptocurrency exchange-traded products (ETPs) posted record losses, with the worst-performing product being 21Shares’ Aave ETP, which dropped 52.6%. ETPs focused on leading cryptocurrencies like BTC and ETH lost between 27% and 45% of their value.

In comparison, CryptoCompare’s real-time aggregate index methodology (CCCAGG), which calculates the market price of cryptocurrency pairs traded across exchanges, posted a 34.8% decline for the BTC/USD pair and a 38.6% decline for the ETH/USD pair.

As detailed in the latest edition of CryptoCompare’s Digital Asset Management Review,, one Bitcoin ETP, namely 21Shares’ Short Bitcoin ETP (SBTC), which “seeks to provide a -1x return on the performance of Bitcoin for a single day,” saw its assets under management grow.

The ETP had a 30-day return of 30.8%, making it the third consecutive month in which the product’s assets under management have rise, recording a new all-time high of $16.5 million.

The report details the assets under management of cryptocurrency investment products as a whole reached record lows, with ETFs experiencing the largest drop in AUM at 52% to $1.31 billion.

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.

Voyager Digital Files for Bankruptcy Protection

Crypto lender Voyager Digital filed for Chapter 11 bankruptcy protection late Tuesday, becoming the second high-profile crypto firm to do so recently. The firm estimated it had more than 100,000 creditors and somewhere between $1 and $10 billion in assets.

Voyager Digital recorded the same range for its liabilities and noted it believes that “funds will be available for distribution to unsecured creditors.” The move sees Voyager join Three Arrows Capital in filing for bankruptcy, although the latter filed for a Chapter 15 petition tied to an ongoing liquidation court-ordered effort.

Voyager’s loan book reportedly accounted for nearly half of its total assets, and nearly 60% of that loan book was composed of loans to Three Arrows Capital. The company’s CEO Steven Ehrlich has said that reorganizing the firm is “the best way to protect” the company’s assets. On social media, Ehrlich said:

"Customers with crypto in their account(s) will receive in exchange a combination of the crypto in their account(s), proceeds from the 3AC recovery, common shares in the newly reorganized Company, and Voyager tokens."

The crypto lender’s filing shows equity holders include Alameda Research Ventures and Alameda Ventures, two companies associated with billionaire Sam Bankman-Fried, the founder of crypto exchange FTX. Voyager also owes Google nearly $1 million.

Celsius Network Repays $183 Million DeFi Loan

Embattled crypto lender Celsius Network has been aggressively repaying debt on the largest decentralized finance protocol, Maker, possibly to recover bitcoin-equivalent tokens that had been posted as collateral for the loan.

Since the beginning of July, Ethereum blockchain data shows Celsius has paid down $183 million of its debt to Maker in the protocol’s native stablecoin DAI. The loan’s repayment led to the release of 2,000 wrapped bitcoin (WBTC) worth around $40 million that had been posted as collateral.

Celsius still owes 41 million DAI in loans to Maker, but it has around 22,000 WBTC posted against these loans, meaning these funds could be released if the firm manages to repay the rest of the debt.

Loans on decentralized platforms such as Maker are overcollateralized, meaning that the borrower pledges more assets in value to the lender than the value of the loan. After Celsius’ payments, its liquidation level for the collateral dropped to $2,774, meaning WBTC would need to drop to that level before Celsius’ position is liquidated.

Crypto Investment Products’ Weekly Net Outflows

Following widespread cryptocurrency price declines, cryptocurrency investment products’ average weekly net flows were negative in June as these products saw their values plunge.

Weekly net outflows recorded an all-time high average of $188 million compared to average weekly inflows of $80 million in Mau. Find out more via CryptoCompare’s latest Digital Asset Management Review.

State of the Crypto by Top Tier Exchange Volume

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