Digital assets managed have risen by 6.74% reaching $31.7 billion following a series of favorable events despite broader market volatilities.
A recent market analysis from CCData highlights an uptick in crypto-associated offerings, primary activities, and an overview of trading dynamics, especially with the observed decline in CEX volumes.
Bitcoin (BTC) emerged as the top performer last month, climbing to a peak not seen in 16 months, trading above $35,000, before experiencing a minor price adjustment.
The market share for BTC products surged by 73% this month, marking an improvement from the 70% increase in September. The total valuation of Bitcoin products has reached $23 billion, thanks to an 11% growth.
Conversely, top altcoin Ethereum (ETH) saw its product market share shrink by about 2% this month, now valued at $6.3 billion. Notably, it was the only significant altcoin to witness outflows in the past week.
Despite the introduction of futures ETF products, which many investors believed would usher in a new growth phase, Ethereum products have been posting subdued numbers lately.
Meanwhile, multi-asset products experienced a 2.1% growth, reaching a valuation of $1.1 billion and representing 3.75% of the total market share.
Anticipation of spot Bitcoin ETF
The surge in Bitcoin’s price and the expansion of related products among institutional investors have been attributed to renewed expectations of a Bitcoin spot ETF and heightened institutional demand.
A CoinShares report unveiled last week highlighted a marked uptick in BTC product interest, with these assets constituting 84% of the overall market capitalization, taking the total annual inflow to $315 million.
With numerous prominent investment entities gearing up for a potential ETF, market experts forecast growth if the Securities and Exchange Commission gives the green light.
Back in June, when BlackRock and other leading firms submitted their applications, it prompted a price surge that crossed the $31,000 mark. However, the Commission has remained hesitant to grant approval, pointing to concerns about potential market manipulation.
The culmination of these developments has significantly buoyed investor morale, fueling optimism for the forthcoming authorization of the inaugural Bitcoin spot ETF.
Solana’s bullish sentiment remains strong
Solana (SOL) has earned the title of the year’s most favored altcoin among institutional investors, following consistent weekly capital inflows. SOL-based products marked an impressive 74.1% rise in assets under management (AUM), reaching $140 million.
This month, the cryptocurrency often referred to as the “ETH killer” extended its successive inflows to 27 weeks. It also achieved its peak total value locked (TVL) at $338.2 million on decentralized application platforms.
Geographically, Canada led the pack with the most substantial growth, registering an AUM increase to $2.03 billion. Germany followed suit, witnessing a 16% rise in AUM, amounting to $698 million.