The crypto market is showing signs of gradual recovery with Bitcoin ( Bitcoin) staying above the psychologically significant $20,000 level in June’s initial crash to $17600. However, this month still marks a record low average daily product volume across all digital assets investment products.
According CryptoCompare’s October 27 report, the average daily trading volume for institutional crypto products fell 34.1% to $61.3million in October. The report covered almost all products that saw a significant decline in their average daily volumes. This ranged from -24.3% down to -77.5%.
The recent market turmoil is not the only reason for daily trading’s downward trend. It dates back to November 2021 with an exception for May 2022. This October was the second consecutive month in which daily average volumes fell below $100 million since September 2020.
The report does however highlight some positive developments in other market indicators. Comparing September, the total assets under management (AUM), for all digital asset investment products increased 1.76% to $22.9 trillion. This was the first increase of AUM since July.
Similar: Binance just released a record 55,000 Bitcoins, which is over $1.1 Billion.
The market’s trust products account for 77.3%. In October, the market’s AUM rose 2.34%, to $17.7billion. ETFs (ETFs) saw a 1.59% decrease to $2.21billion.
Net flows are another important indicator. Net flows are another important indicator. In October, Bitcoin-based products saw inflows of $8.37 million per week. Short Bitcoin-based products experienced the highest outflows at $5.03 million. It’s worse for Ether ( ETH) products. They recorded the second-largest negative net flow of $2.87million.
ETH, the native token of Ethereum blockchain, saw better gains than BTC on Oct. 26, rising approximately 14% to reach its weekly peak of $1,554. As of publication time, ETH’s price is at $1,508.