{"id":12165,"date":"2023-05-31T19:45:42","date_gmt":"2023-05-31T19:45:42","guid":{"rendered":"https:\/\/www.cryptoheretostay.com\/?p=12165"},"modified":"2023-05-31T19:45:45","modified_gmt":"2023-05-31T19:45:45","slug":"digital-asset-management-companies-thrive-in-2023-despite-bitcoin-and-ethereums-may-downturn","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=12165","title":{"rendered":"Digital asset management companies thrive in 2023 despite Bitcoin and Ethereum&#8217;s May downturn"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p>CCData\u2019s Digital Asset Management Review for May found that Bitcoin, with its finite supply and resistance to governmental control, continues to solidify its position as a compelling asset class for institutional investors.<\/p>\n<p>The Financial Conduct Authority (FCA)-authorized benchmark administrator\u2019s report provides real-time and historical data on digital assets for both institutional and retail investors.<\/p>\n<h2>Bitcoin, Ethereum battered but resilient<\/h2>\n<p>Bitcoin and Ethereum-based products experienced their first dip of the year, with declines of 10.3% and 4.42%, reducing their total AUM to $21.7 billion and $7.50 billion, respectively. Consequently, Bitcoin\u2019s market share fell slightly to 70.9%, while Ethereum\u2019s rose to 24.5%.<\/p>\n<p>Further, despite an overall contraction for the first time in 2023, digital asset management firms have seen a robust increase in their year-to-date (YTD) assets under management (AUM). Standouts include CI Galaxy, ProShares, and ETC Group, all of which posted significant growth in their AUMs.<\/p>\n<p>May saw a downward trend in the average daily aggregate volumes of digital asset investment products, marking a second consecutive monthly drop. However, resilience is evident as the total AUM for digital asset investment products, despite falling by 8.92% to $30.6 billion in May, still represents a 55.5% YTD increase.<\/p>\n<h2>Broader markets and trust products<\/h2>\n<p>As the broader digital asset market navigated through a downturn in May, all categories of digital asset investment products, namely ETCs, trust products, ETFs, and ETNs experienced declines. Notably, trust products, dominated by Grayscale, saw an 8.61% decrease, totaling $23.9 billion.<\/p>\n<p>Average daily aggregate volumes for digital asset investment products in May dropped 24.6% to $209 million, the second-lowest record for 2023. The average daily volumes for ETNs and ETFs fell 15.9% to $172 million, with Bitcoin-based products accounting for the majority.<\/p>\n<p>May was also a significant month for VanEck and CI Galaxy, with the former seeing a 2.25% increase in AUM to $334 million and the latter a decrease of 3.45% to $523 million. Dominant market player Grayscale, despite an 8.66% decrease in AUM from April to May, maintained a stronghold with a total AUM of $23.0 billion, reflecting a notable 57.6% YTD increase.<\/p>\n<p>Despite May\u2019s dip, YTD figures underscore a significant increase in AUM for digital asset management companies. CI Galaxy emerged as the frontrunner, boasting a 118% YTD increase in AUM. ProShares and ETC Group followed, posting 80.1% and 71.5% YTD increases, respectively.<\/p>\n<p>On the trust product front, Grayscale\u2019s Bitcoin Trust (GBTC) and Ethereum Trust (ETHE) continued to lead despite AUM decreases of 9.93% and 4.67%, totaling $16.8 billion and $5.52 billion, respectively. Among ETN\/ETF products, ProShares BITO maintained the pole position, while in the ETC space, XBT Provider by CoinShares held the majority of AUM across all ETCs.<\/p>\n<p>Posted In: Featured, Investments<br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cryptoslate.com\/digital-asset-management-companies-thrive-in-2023-despite-bitcoin-and-ethereums-may-downturn\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>CCData\u2019s Digital Asset Management Review for May found that Bitcoin, with its finite supply and resistance to governmental control, continues to solidify its position as a compelling asset class for institutional investors. The Financial Conduct Authority (FCA)-authorized benchmark administrator\u2019s report provides real-time and historical data on digital assets for both institutional and retail investors. Bitcoin, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":12166,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[3],"tags":[],"class_list":["post-12165","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12165","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12165"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12165\/revisions"}],"predecessor-version":[{"id":12167,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12165\/revisions\/12167"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/12166"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12165"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12165"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12165"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}