Despite the bad numbers of daily trading, there are some signs of market revival, at least for Bitcoin-based products.
As the crypto market shows signs of a gradual recovery, with Bitcoin
BTC
$16,820
According to the report from CryptoCompare, published on Oct. 27, the average daily trading volume of institutional crypto products had fallen 34.1% — to $61.3 million in October. Almost all the products covered in the report recorded a large decline in average daily volumes, ranging from -24.3% to -77.5%.
The downward trend in daily trading is not limited to the recent market turmoil but dates back to November 2021, with a slight exception for May 2022. This October became the second month since September 2020 in which average daily volumes have fallen under $100 million.
However, the report traces some optimistic developments in other market markers. The total assets under management (AUM) across all digital asset investment products rose 1.76% to $22.9 billion compared with September. This was the first increase in AUM since July.
Related: A record 55,000 Bitcoin, or over $1.1 billion, was just withdrawn from Binance
AUM in trust products, which accounts for 77.3% of the market, rose 2.34% to $17.7 billion in October, while AUM represented by exchange-traded funds (ETFs) fell 1.59% to $2.21 billion.
Another important marker is net flows. This October, weekly net flows for Bitcoin-based products recorded inflows averaging $8.37 million in October, and short Bitcoin-based products recorded the largest outflows, averaging $5.03 million. The situation is a lot worse for Ether
ETH
$1,261
At the same time, Ethereum blockchain’s native token ETH recorded better gains than BTC by Oct. 26, jumping approximately 14% to reach its weekly high of $1,554. As of publication time, the price of ETH stands at $1,508.