Crypto Compare released their monthly report recently. The report focuses on development and adoption of various product types by analyzing AUMs, trading volume and price performance.
April was a tough month for the crypto industry, with flagship tokens largely faltering. Data through April 27 indicates that BTC fell by 16.3% and ETH by around 14.4%. With the uncertainty surrounding the Fed and the ongoing conflict between Russia and Ukraine, the digital asset market has been hit the hardest.
There was a further drop in trading volume, which has dropped for the sixth successive month. The average daily trading volumes fell by 16.3% $244 million this month. The report also says,
“In total, volumes have fallen 71.0% since October 2021 ($841 million) and 83.8% since the all-time high reached in January 2021 ($1.51 trillion).”
Grayscale’s Bitcoin trust product (GBTC) was able to maintain itself as the highest traded trust product this month. Despite a 17.3% drop, the average daily volume stood at $106 million followed Grayscale’s Ethereum trust with a $66.3 million daily average.
The ETC sector also suffered windfalls with declines in major assets. Valor’s Bitcoin product (BTCZERO) had the largest average daily volume at $4.24 million despite falling 35.6%.
It is followed by XBT Tracker’s Ether Tracker One (BTC/SEK) at $4.23 million after a 35.7% drop. XBT Provider’s Ether Tracker Euro (ETH/EUR) trails them with $3.07 million after a 9.46% fall.
The April blips continued in terms of crypto investment product releases. April saw the largest average outflows in 2022. The outflow trend for crypto investment products indicated major negative sentiment in the market, which will likely continue through May.
The first week ended with the biggest one-week release since mid-January at around $134 million. The average weekly outflow for April was $79.5 million and most of it came from Bitcoin products suggesting continued pessimism.
