October sees lowest-ever daily trading volume for crypto products: Report



October Sees Lowest-ever Daily Trading Volume For Crypto Products: Report

October Sees Lowest-ever Daily Trading Volume For Crypto Products: Report

As the crypto market shows signs of a gradual recovery, with Bitcoin (BTC) holding above the psychologically important $20,000 level after its initial crash to $17,600 in June, this month still sets a record low for an average daily aggregate product volume across all digital asset investment products. 

October Sees Lowest-ever Daily Trading Volume For Crypto Products: Report

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%.

October Sees Lowest-ever Daily Trading Volume For Crypto Products: Report

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.

October Sees Lowest-ever Daily Trading Volume For Crypto Products: Report

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.

October Sees Lowest-ever Daily Trading Volume For Crypto Products: Report

Related: A record 55,000 Bitcoin, or over $1.1 billion, was just withdrawn from Binance

October Sees Lowest-ever Daily Trading Volume For Crypto Products: Report

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 ETFs fell 1.59% to $2.21 billion.

October Sees Lowest-ever Daily Trading Volume For Crypto Products: Report

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 Ethereum products, which recorded the second-largest negative net flows of $2.87 million. 

At the same time, Ethereum blockchain’s native token Ether (ETH) recorded better gains than BTC by Oct. 26, jumping approximately 14% to reach its weekly high of $1,554. By press time, the price of ETH stands at $1,508. 



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