Crypto Assets Under Management Jump to $31.7B; SOL-Based Products Rise 74%: CCData

The total assets under management (AUM) for digital products traded on exchanges and over the counter jumped 6.74% to $31.7 billion in October, the first monthly increase since July, according to benchmark administrator CCData.

The advance comes amid mounting expectations the U.S. Securities and Exchange Commission will approve several exchange-traded funds (ETFs) that invest in bitcoin (BTC) early next year. AUM represents the total value of all the assets a financial institution manages on behalf of its clients.

"October has seen major developments in the digital asset space," CCData said in a report shared with CoinDesk. "To start, six ETH Futures ETFs commenced trading on [the] 2nd, giving investors exposure to ETH futures. Shortly after, Bitcoin's price surged by 7.56% in less than an hour to a peak of $30,009 driven by rumours regarding the approval of BlackRock's application."

"These events, among others, have ignited investor sentiment and raised hopes for the imminent approval of the first spot Bitcoin ETF," CCData added.

Regarding crypto-specific fund flows, bitcoin-based products increased their market share to 73.3% from 70.5% in September, with AUM rising 11.1% to $23.2 billion, the report said.

AUM in products tied to ether (ETH), the second-largest cryptocurrency by market value, fell 5.45% to $6.35 billion. The market share of ether-based products declined to 20.1% from 22.6% in September.

The divergent trends explain the ether-bitcoin ratio's monthly loss of 15.6%.

Products tied to Solana's SOL (SOL) cryptocurrency experienced the steepest AUM growth, adding 74.1% to $140 million. SOL has gained 54% this month, outperforming bitcoin's 26% rise.

ATOM-based products posted AUM growth of 58.6% to $2.15 million, with basket-based products increasing by 2.10% to $1.19 billion.