October was positive for the crypto ecosystem as the total AUM for digital asset products increased by 6.74% to $31.7 billion, the first monthly increase since July.
- October has been a strong month for the cryptocurrency ecosystem as the total assets under management for digital products traded over the counter or on exchanges increased by 6.74% to $31.7 billion, the first monthly increase since July.
“The bullish trend in Bitcoin's price is noteworthy,” they said. “After the initial rumors and subsequent price decline, Bitcoin has rebounded, experiencing a 28.3% increase from the beginning of the month” and now trades near support at $34,000.Breaking the AUM down by specific assets, October saw Bitcoin-based products increase by 11.1% to $23.2 billion, which represents a 73.3% market share, up from 70.5% in September.
Germany experienced the second-largest increase in AUM, growing by 16% to reach $698 million, led by ETC Group’s BTCE, which increased 21% to $552 million. “The recent downturn in stocks related to digital assets can be primarily attributed to the prevailing macroeconomic conditions, which have exhibited a hawkish stance in recent times,” CCData said. “This shift in economic sentiment has been driven by the looming concern of an impending recession and the reluctance of the Fed to lower interest rates until at least May 2024, as indicated by the probabilities derived from the CME FedWatch meetings.
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