A new report has found that the ongoing cryptocurrency crash has set record lows in average daily aggregate product volumes across digital assets.
CryptoCompare published the findings on Thursday, where it noted that global crypto products had plummeted 34.1 percent in average daily trading volumes in October, or $61.3 million USD.
/2 Despite this, average daily trading volumes of #crypto products fell 34.1% to $61.3mn – the lowest-ever volume reported (data tracked since June 2020).
— CryptoCompare (@CryptoCompare) October 27, 2022
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Currently, Bitcoin (BTC) sits just above $20,000, the benchmark health indicator for the coin following a heavy crash in June that plunged its value to $17,600.
Products featured in the report faced similar declines up to 77.5 percent, indicating a major fall in daily trading. October was one of the worst-performing months for crypto trading since September 2020, where volumes fell below $100 million USD.
Conversely, total assets under management (AUM) climbed 1.76 percent to $22.9 billion USD compared to the month before. AUM for trust products jumped 2.34 percent, or $17.7 billion, with exchange-trade funds (ETF)-linked AUM dropped 1.59 percent at $2.21 billion.
The report also mentioned that Valour’s Bitcoin product remained the highest-traded Ethereum Classic (ETC) despite the ongoing plunge in volumes across the market. Other products such as XBT Provider’s Ether (ETHONE) also recorded heavy losses at 54.7 percent, or $1.38 million, the report found.
