Despite the bad numbers of daily trading, there are some signs of market revival, at least for Bitcoin-based products.
As the crypto market shows signs of a gradual recovery, with Bitcoin (BTC $20,718)
holding above the psychologically important $20,000 level after its initial crash to $17,600 in June, this month still sets a record low for an average daily aggregate product volume across all digital asset investment products.
According to the report from CryptoCompare, published on Oct. 27, the average daily trading volume of institutional crypto products had fallen 34.1% — to $61.3 million in October. Almost all the products covered in the report recorded a large decline in average daily volumes, ranging from -24.3% to -77.5%.
The downward trend in daily trading is not limited to the recent market turmoil but dates back to November 2021, with a slight exception for May 2022. This October became the second month since September 2020 in which average daily volumes have fallen under $100 million.
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