CCData: Crypto Asset Management Hits 31.7B Dolars, Notable 74% Rise in SOL Based Offerings

Crypto News- In October, there was a notable 6.74% increase in the total assets under management (AUM) for digital assets traded both on exchanges and over-the-counter markets, reaching a significant milestone of $31.7 billion. This surge represents the first monthly upturn since July and was reported by the benchmark administrator CCData.

CCData: Crypto Asset Management Hits 31.7B Dolars, Notable 74% Rise in SOL Based Offerings

This surge in AUM comes in alignment with growing anticipations that the U.S. Securities and Exchange Commission (SEC) will grant approval for a number of Bitcoin (BTC) exchange-traded funds (ETFs) early in the coming year. It’s important to note that AUM represents the aggregated value of assets that financial institutions manage on behalf of their clients.

CCData, in a report shared with CoinDesk, observed, ‘The month of October has witnessed remarkable developments within the digital asset realm.’ The report notably mentioned the launch of six Ethereum (ETH) Futures ETFs on the 2nd of October, which provided investors with exposure to ETH futures. Additionally, the price of Bitcoin experienced a swift 7.56% surge in less than an hour, reaching a pinnacle of $30,009, largely attributed to rumors regarding the approval of BlackRock’s ETF application.

CCData further emphasized, ‘These occurrences, among others, have ignited positive investor sentiment and bolstered expectations for the imminent approval of the very first spot Bitcoin ETF.’

Regarding fund flows specific to cryptocurrencies, products based on Bitcoin expanded their market share to 73.3%, up from 70.5% in September, with AUM rising by 11.1% to $23.2 billion.

Conversely, products associated with Ethereum (ETH), the second-largest cryptocurrency by market capitalization, experienced a 5.45% decrease in AUM, settling at $6.35 billion. The market share of Ethereum-based products dropped from 22.6% in September to 20.1%, which accounts for the monthly 15.6% reduction in the Ethereum-Bitcoin ratio.

Products linked to Solana’s SOL cryptocurrency demonstrated the most notable growth in AUM, surging by an impressive 74.1% to reach $140 million. During the same month, SOL outperformed Bitcoin with a 54% price increase.

Additionally, products tied to ATOM experienced a substantial AUM growth of 58.6%, reaching $2.15 million, while basket-based products also saw a 2.10% increase, totaling $1.19 billion in AUM.