Digital assets under management have experienced a significant surge, reaching $31.7 billion, representing a 6.74% increase amidst prevailing market uncertainties. The latest report by CCData sheds light on the growth of crypto-related products, key market activities, as well as a review of trading activities in light of declining CEX volumes, among other factors.
Bitcoin Continues to Lead
Bitcoin (BTC) emerged as the frontrunner, seeing a surge in trading volume and a reach to a 16-month high, surpassing $35,000, before experiencing a minor price correction. BTC products now dominate the market, with a 73% increase this month, outperforming September’s rise of 70%. With a total value of $23 billion, Bitcoin products recorded an 11% growth.
The Decline of Ethereum Products
Ethereum (ETH) related products, on the other hand, witnessed a decline in market share by approximately 2% this month. The total value of Ethereum products currently stands at $6.3 billion. Notably, Ethereum was the only major altcoin to record outflows last week. Despite the launch of futures ETF products, which were seen as a potential catalyst for growth, Ethereum products have struggled to maintain momentum in recent weeks.
Multi-asset production, however, experienced a 2.1% growth, reaching $1.1 billion, and now controlling 3.75% of the market share.
Analysts attribute the rise in Bitcoin’s price and the overall growth of related products to renewed anticipation of a spot BTC ETF and increased institutional demand. The recent CoinShares report revealed a significant increase in BTC products, accounting for 84% of the total market capitalization. The influx of funds into Bitcoin products has totaled $315 million for the year.
The potential approval of a BTC ETF by the Securities and Exchange Commission has sparked optimism among investors, with several large investment firms preparing for its possible introduction. In the past, applications by firms such as BlackRock have caused a price rally exceeding $31,000. However, concerns over market manipulation have thus far delayed the approval process.
Solana (SOL) has emerged as a favorite altcoin among institutional investors. SOL products witnessed a significant increase in assets under management, reaching $140 million, reflecting a growth of 74.1%. This year, Solana has experienced 27 consecutive weeks of inflows and achieved its highest total value locked (TVL) of $338.2 million across decentralized application platforms.
In terms of jurisdiction, Canada witnessed the highest growth, with an increase in assets under management to $2.03 billion. Germany ranked second, experiencing a 16% growth to $698 million.
