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The total assets under management (AUM) for crypto investment products declined for
the first time this year during this month (May), shedding 8.92% to reach $30.6 billion. On the contrary,
investment surged by over 55.5% on a year-to-date (YTD) basis.
These are
according to new data by digital asset data provider, CCData
previously known as CryptoCompare. CCData is also a benchmark administrator
authorized by the UK Financial Conduct Authority.
According
to CCData, the AUM for Bitcoin and Ether-based products went down for the
first time this month, falling by 10.3% and 4.42%to $21.7 billion and $7.50 billion, respectively. As a
result of the decrease, the share of Bitcoin in the crypto-based product market
shrank to 70.9%, dropping from 72% in April. On the contrary, Ether’s market share rose slightly to 24.5%, up from 23.4% in the prior
month.
In line with the monthly drop in AUM, the average daily aggregate volumes of crypto investment
products also went down
for the second consecutive month. The volumes shrank by 24.6% to $209 million.
“This
decline followed a period of relative stability in the market, characterised by
digital assets like Bitcoin trading within a narrow range,” CCData explained.
“As a result, the digital asset industry witnessed its second lowest volume of
2023, with volumes only higher than those re-recorded in January.”
‘Ongoing
Growth amid…
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