Asset Report October 2021

Report Summary

October was a strong month for the cryptocurrency markets with several all-time highs seen across the top cryptocurrencies. Bitcoin reached an all-time high of $66,980 on 20th October, followed by Solana and Ethereum which also hit all-time highs of $210 and $4,460 respectively.

October Highlights

  • Market speculation surrounding the US-listed Bitcoin ETF, followed by its acceptance, triggered a healthy run for Bitcoin and other top cryptocurrencies throughout October - with the flagship crypto ending the month at $61,350 (+40%).
  • From the 27th to the 30th of October, Ethereum was deflationary as 63k ETH were burnt in that period as a result of high transaction volumes (up 9.6% to 37.6mn in October) and growing average transaction fees (up 15.4% to $36.04 in October).
  • Investment inflows surged for single tracker Bitcoin-based digital asset investment products, with inflows in October reaching almost $800mn (excluding the $1bn+ for ProShares’ newly listed BTC futures ETF). For comparison, the asset experiencing the second-largest inflows was Solana ($36.4mn)
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