Only one major ETF was trading at volumes slightly higher than the BTCetc ETP in the first 11 days of January, says the FT.
The first actively managed crypto ETP, the BTCA was launched in Switzerland last July.
Swiss-based Valour says its bitcoin ETP is the first with no management fees.
Bitcoin's price woes this month likely put investors off from purchasing crypto ETPs, pushing volumes into a nosedive.