- On a YTD basis, the AUM recorded an impressive growth of 71%.
- The U.S. retained its dominant position with 78% market share in digital asset investment products.
The month of July extended broader market confidence in digital assets, diminishing late-June’s blip.
The U.S. Securities and Exchange Commission (SEC) formally admitted Blackrock’s and other TradFi institutions’ spot Bitcoin [BTC] exchange traded fund (ETF) applications for regulatory scrutiny after previously judging them as “inadequate.”
The acceptance was the first step towards what market participants thought would be a first-of-its-kind approval. It was aimed at boosting the adoption of cryptocurrencies for investment purposes.
Another month of growth
The positive sentiment translated into a marginal increase in trading volume of digital asset investment products. According to a report by digital assets data provider CCData, the average daily aggregate volume reached $309 million in July, representing an increase of 1.81% from the previous month.
This is the second consecutive month of growth in institutional crypto products.
Throughout July, Bitcoin wobbled in a tight trading range of $29.5k-$31.8k. The extended period of low volatility impacted the market value of investments. The total assets under management (AUM) were valued at $33.7 billion in July, representing a marginal increase of 1.14% from June.
However, on a year-to-date (YTD) basis, the AUM recorded an impressive growth of 71%.
The AUM is a function of flow of investor money in and out of a fund and the price performance of the underlying asset.
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Author: Aniket Verma
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