AUM for Bitcoin-based products shrank 10.3% to $21.7 billion.
On the contrary, AUM jumped significantly YTD, led by GI Galaxy.
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.
First Drop
in Crypto Investment AUM
According
to CCData, the AUM for Bitcoin and Ether-based products dropped for the
first time this month, falling 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%, which is 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. Additionally, 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.”
However,
despite recording the first monthly drop in 2023, the market’s YTD
growth suggests “resilience and ongoing growth amidst
challenging market conditions,” CCData said.
In addition, the growth
is a testament
that the industry is seeing overall expansion along with “positive momentum
and investor interest surrounding digital asset management,” the crypto data
provider added.
In terms of
performance by companies in the market, investment management firm VanEck exhibited the highest increase in AUM during the month, followed by its rival CI Galaxy. VanEck's AUM rose 2.25% to
$334 million while its rival saw a decline of 3.45%
to $523 million.
However, on
a YTD basis, GI Galaxy is the frontrunner, with total assets under its management
doubling to 118%. This was followed by ProShares and ETC Group with 80.1% and
71.5% increases in AUM, respectively.
Furthermore,
while Grayscale saw its AUM retreat 8.66% to $23 billion in May, the digital
asset management firm remains the biggest player in the crypto products market.
Also, when compared YTD, the company’s AUM jumped 57.6% for this month.
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.
First Drop
in Crypto Investment AUM
According
to CCData, the AUM for Bitcoin and Ether-based products dropped for the
first time this month, falling 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%, which is 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. Additionally, 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.”
However,
despite recording the first monthly drop in 2023, the market’s YTD
growth suggests “resilience and ongoing growth amidst
challenging market conditions,” CCData said.
In addition, the growth
is a testament
that the industry is seeing overall expansion along with “positive momentum
and investor interest surrounding digital asset management,” the crypto data
provider added.
In terms of
performance by companies in the market, investment management firm VanEck exhibited the highest increase in AUM during the month, followed by its rival CI Galaxy. VanEck's AUM rose 2.25% to
$334 million while its rival saw a decline of 3.45%
to $523 million.
However, on
a YTD basis, GI Galaxy is the frontrunner, with total assets under its management
doubling to 118%. This was followed by ProShares and ETC Group with 80.1% and
71.5% increases in AUM, respectively.
Furthermore,
while Grayscale saw its AUM retreat 8.66% to $23 billion in May, the digital
asset management firm remains the biggest player in the crypto products market.
Also, when compared YTD, the company’s AUM jumped 57.6% for this month.
Solomon Oladipupo is a journalist and editor from Nigeria that covers the tech, FX, fintech and cryptocurrency industries. He is a former assistant editor at AgroNigeria Magazine where he covered the agribusiness industry. Solomon holds a first-class degree in Journalism & Mass Communication from the University of Lagos where he graduated top of his class.
Kraken Announces Partnership to Enhance Crypto Offerings in German Market
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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📣 Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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