Bitcoin Products Dominate 73.3% of Market Share as Crypto Assets Under Management Grows to $31.7 Billion

Digital assets under management have soared by 6.74% to $31.7 billion after a string of positive developments amid wider market uncertainties.

A new market report released by CCData shows growth in crypto-related products, key activities, and a review of trading activities in the wake of plunging CEX volumes among others.

The biggest gainer last month remains Bitcoin (BTC) after the market leader rallied to a 16-month high trading over $35,000 before making a slight price correction.

BTC products market share grew by 73% this month, a better performance from its 70% rise in September. Total Bitcoin products now stand at $23 billion after notching an 11% growth.

On the other hand, leading altcoin Ethereum (ETH) related products declined in market share by about 2% this month with its products valued at $6.3 billion. It was also the only major altcoin to record outflows last week.

Ethereum products have recorded low figures in recent weeks despite the launch of futures ETF products which several investors saw as a boost to attract a new cycle of growth.

Multi-asset production grew by 2.1% to $1.1 billion controlling 3.75% of the market share.

Anticipation of spot Bitcoin ETF

The data cited the renewed anticipation of a spot BTC ETF and institutional demand as the reasons for a rise in the price of Bitcoin and the overall growth of related products among institutional investors.

💫 Galaxy Digital Projects Bitcoin Price to Reach Near $60,000 Year After Spot ETF Approval

Galaxy Digital views the approval of a spot Bitcoin ETF as “the most impactful catalysts” towards the growth and adoption of the top digital asset.#CryptoNewshttps://t.co/psPDooUyx5

— Cryptonews.com (@cryptonews) October 25, 2023

A recent CoinShares report released last week showed a significant increase around BTC products as the asset products recorded 84% of the total market capitalization bringing the total yearly inflow to $315 million.

📊🔥 Spot Bitcoin ETF Hype Rally Weekly Inflows To $66 Million, Investors Remain Bullish on Solana: Report

Digital asset investment products notched a fourth week of consecutive inflow, with Bitcoin recording $55.3 million.#CryptoNews #Bitcoinhttps://t.co/4qMaXO0p81

— Cryptonews.com (@cryptonews) October 24, 2023

As several large investment firms prepare for a possible ETF, analysts have predicted growth should the Securities and Exchange Commission approve an application.

In June, the application of BlackRock and other top firms occasioned a price rally of over $31,000 although the Commission continues to stall an approval citing market manipulation concerns.

“These events, among others, have ignited investor sentiment and raised hopes for the imminent approval of the first spot Bitcoin ETF.” 

Solana’s bullish sentiment remains strong

Solana (SOL) has been described as the most loved altcoin by institutional investors this year after a string of consecutive weekly inflows. SOL products notched the highest AUM increase by 74.1% to $140 million.

This month, the community dubbed ETH killer increased its consecutive inflow to 27 weeks and recorded its highest total value locked (TVL) of $338.2 million across decentralized application platforms.

In terms of jurisdiction, Canada recorded the highest growth, posting an increase in AUM to $2.03 billion while Germany’s ranked second with a 16% growth to $698 million.