Market sentiment was mixed in July, triggered initially by the SEC's denial of numerous spot Bitcoin ETF filings. These were later amended, however, with a number of companies, including industry giants like BlackRock and Fidelity, listing Coinbase as a surveillance-sharing partner on the updated filings - leading the SEC to accept the filings for review.
Overall in July, total assets under management (AUM) experienced a minor increase, growing by 1.14% to $33.7 billion. This marks the second consecutive monthly growth in AUM, which has seen a significant increase of 71.5% YTD in 2023.
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Key takeaways:
- The US retains its position as a leading country in the digital asset space by AUM, with a monthly AUM in July of $26.3 billion and a market share of 78.0%. This is vastly dominated by Grayscale, which accounts for ~74% of this share. Excluding Grayscale, the digital asset landscape paints a different picture, with Europe taking the lead in terms of AUM.
- XLM, XRP and SOL-Based investment products experienced a spike in activity in July. XLM-based products increased by 62.7% to $17.3 million in AUM, following a significant spike in Grayscale’s XLM product, which recorded a premium of over 330%. Additionally, XRP and SOL-based products recorded increases in AUM of 33.2% and 55.7% to $65.7 million and $87.8 million, respectively.
- In terms of product volumes, ProShares BITO dominated volumes with $179 million in average daily volumes, an increase of 2.96% from June. Grayscale’s GBTC and ETHE followed, with an average daily volume of $83.0 and $31.0 million a 29.7% and 60.4% increase, respectively.
- In July, XBT Provider by CoinShares led the charge in AUM growth, soaring 50.3% to reach $1.84 billion and securing a 5.45% market share, a significant increase from 3.68% in June. Close behind, Purpose Invest recorded a 19.9% increase to attain $1.11 billion in AUM, taking its market share to 3.31%, up from 2.80% in June.
- Grayscale held its ground as the market leader in terms of digital asset AUM. Although its share dipped from 76.6% in June to 74.1%, it still commanded an impressive $25.0 billion AUM, reaffirming its dominant presence in the digital asset market.
U.S. Retains its Position as Leading Country by Digital Asset AUM
The United States remains a dominant force in digital asset product AUM. Recent ETF filings and a resurgence of interest in US investment products have helped to alleviate concerns regarding regulatory scrutiny that had been impacting the market in the previous months. The US retains its position as a leading country in the digital asset space with a monthly AUM in July of $26.3 billion and a market share of 78.0%.
Excluding Grayscale, the digital asset landscape paints a different picture, with Europe taking the lead in terms of AUM. Notably, countries such as Sweden, Switzerland, and Germany emerge as frontrunners in digital asset products. In July, these three countries recorded a total Assets Under Management (AUM) of $3.90 billion; 11.5% of total AUM.
XLM, XRP and SOL-Based Products Experience Spike In Activity
The surge in AUM mainly came from Bitcoin-based products, however, it was also influenced by the positive performance of other products which have benefited from their own narratives.
XLM-based products surged by 62.7% to $17.3 million, following a spike in Grayscale’s XLM product recording a premium of more than 330%. XRP and SOL-based products have also benefited from the SEC lawsuit verdict and recorded 33.2% and 55.7% increases in AUM to $65.7mn and $87.8mn respectively.
XBT Provider by CoinShares AUM Surges 50%
In July, XBT Provider by CoinShares achieved the most substantial growth in AUM, surging 50.3% to reach $1.84 billion and capturing 5.45% market share (up from 3.68% in June). Purpose Invest followed, experiencing an increase of 19.9% to achieve $1.11 billion in AUM, recording 3.31% in market share (up from 2.80% in June).
The information provided by this report does not constitute any form of advice or recommendation by CCData. Any redistribution of charts appearing in this Review must cite CCData as the sole provider and creator.
About CCData
CCData is an FCA-authorised benchmark administrator and global leader in digital asset data, providing institutional-grade digital asset data and settlement indices. By aggregating and analysing tick data from globally recognised exchanges and seamlessly integrating multiple datasets, CCData provides a comprehensive and granular overview of the market across trade, derivatives, order book, historical, social and blockchain data.
