Digital Asset AUM Rises to $31.7 Billion in October Amid ETF Approval Hopes

According to CoinDesk, the total assets under management (AUM) for digital products traded on exchanges and over the counter increased by 6.74% to $31.7 billion in October, marking the first monthly increase since July. This growth comes as expectations rise for the U.S. Securities and Exchange Commission to approve several bitcoin exchange-traded funds (ETFs) early next year. Benchmark administrator CCData highlighted significant developments in the digital asset space in October, including the launch of six ETH Futures ETFs and a 7.56% surge in Bitcoin's price driven by rumors of BlackRock's application approval.Crypto-specific fund flows saw bitcoin-based products' market share increase to 73.3% from 70.5% in September, with AUM rising 11.1% to $23.2 billion. In contrast, AUM in ether (ETH)-tied products fell 5.45% to $6.35 billion, and their market share declined to 20.1% from 22.6% in September. Products tied to Solana's SOL cryptocurrency experienced the most significant AUM growth, adding 74.1% to $140 million, while ATOM-based products posted AUM growth of 58.6% to $2.15 million. Basket-based products increased by 2.10% to $1.19 billion.