I hope you are all well and had an excellent week, welcome to CryptoGod-1’s blog on all things crypto. A new market report has shown the digital assets under management have soared due to positive developments amid wider market uncertainties, while Bitcoin has been the biggest gainer in the last month.
Bitcoin Market Gains
The digital assets under management have soared by 6.74% to $31.7 billion following a number of positive developments amid wider market uncertainties. This come via a new market report released by CCData which shows that the levels of growth in crypto-related products, key activities, and a review of trading activities in the wake of plunging CEX volumes among others.
Bitcoin remained the biggest gainer in the last month, as the market leader rallied to a 16-month high trading over $35,000. It has since made a slight price correction but the price is looking very healthy compared to the $25,000 price days throughout the last year. The growth of Bitcoin products market share grew by a staggering 73% in the last month, which showcases a better performance from its 70% rise in September. Total Bitcoin products now stand at $23 billion after notching an 11% growth.
The second largest cryptocurrency, the leading altcoin Ethereum (ETH) saw its related products decline in market share by around 2% over the last month, with its products valued at $6.3 billion. It was also the only major altcoin to record outflows over the last week. Ethereum products have recorded low figures in recent weeks despite the launch of futures ETF products. This in itself reveals that although several investors saw the news as a boost to attract a new cycle of growth, the developments from this announcement will take time to impact the overall product market share.
Multi-asset production grew by 2.1% to $1.1 billion controlling 3.75% of the overall market share.
Spot Bitcoin ETF
There is renewed anticipation of a spot BTC ETF following the release of the data, which cited institutional demand as the reasons for a rise in the price of Bitcoin and the overall growth of related products among institutional investors. A recent report by CoinShares, released last week, showed a significant increase around Bitcoin products as the asset products recorded 84% of the total market capitalization. This brought the total yearly inflow to $315 million.
Several large investment firms are preparing for a possible ETF, and analysts have predicted growth for the sector should the Securities and Exchange Commission (SEC) approve one of the applications for a spot Bitcoin ETF.
In June of 2023 the application by Blackrock, along with other top firms, saw the price of Bitcoin rally to over $31,000. Since then the SEC has continued to delay and stall with any approval for a Spot Bitcoin ETF, instead noting 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 Reaping Benefits
A bullish sentiment remains strong around Solana, with many describing it as the most loved altcoin by institutional investors throughout this year. A string of consecutive weekly inflows has seen the coin achieve the highest AUM increase by 74.1% to $140 million.
The community noted that the dubbed ETH killer has increased its consecutive inflow to 27 weeks, while also recording its highest total value locked (TVL) of $338.2 million across decentralized application platforms.
Canada recorded the highest growth as it posted an increase in AUM to $2.03 billion. Germany meanwhile came in second with a 16% AUM growth to $698 million.
Have a great day,
CryptoGod-1.
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