Daily trading volume for crypto products in October was at…

A quick overview of the crypto market in October would lead one to believe that the month has been generous so far, with top cryptocurrencies such as Bitcoin and Ethereum trading at prices significantly higher than when the month started.

However, a deep dive into other calculations will yield some results in stark contrast to the healthy price gain. A new report published by digital asset data aggregator CryptoCompare found that this month recorded the lowest daily trading volume ever in two years, for crypto products such as Exchange Traded Funds (ETFs), Exchange Traded Notes (ETNs), Trusts including Exchange Listed/OTC Traded Trusts and Exchange Traded Certificates (ETC )

Daily trading volume at 2-year low

According to the report, the average daily trading volume of digital asset products came in at $61.3 million, registering a decrease of 34.1%. This metric is currently at a two-year low. The majority of products saw a massive drop in average daily volumes, ranging between -24.3% and -77.5%.

Compared to Ethereum-based products, Bitcoin-based products were found to perform significantly better. Returns on Bitcoin-based products ranged from -4.7% to 2.7% compared to Ether-based products, which had returns from -22.1% to 0.8%.

Institutional preference for BTC-based products was higher than for Ether-based. This is reflected in the weekly inflow of BTC-based products, which was 66% higher than Ether-based products.

Assets under management see growth

After weeks of continuous decline, the crypto market finally bounced back in October. This brings us to the positive metric highlighted in the report, which is the percentage of digital asset products in assets under management (AUM).

Bitcoin and Ethereum based products saw growth of 2.55% and 3.35% respectively in AUM. The 2.33% increase in trust products took its market share to 77.3%, marking a five-month high.

ETC products reached $1.29 billion, registering a growth of 4.46%. Ether Tracker One (XETHONE) by CoinShares had an impressive growth of 6.20%.

Earlier this week, the price increase in BTC and ETH triggered a massive market-wide liquidation of $1.13 billion within 24 hours. Most of these were short positions.

Apart from low daily trading volume, the month of October has emerged as a rather unlucky one for DeFi platforms.

The sheer volume of hacks and exploits, which have caused more than a billion dollars in losses, has led to the month being called as Hacktober.