Fineqia International Inc (CSE:FNQ, OTC:FNQQF)'s analysis of global exchange traded products (ETPs) with underlying digital assets showed assets under management (AUM) increase month-over-month in September.
AUM rose to $88.8 billion in September, up 6% from $83.6 billion at the end of August.
In the year-to-date, total AUM has surged by 79% from $49.5 billion, outpacing the growth of underlying digital assets by 150%.
During the same period, the total market value of digital assets increased by 11.3% to $2.33 trillion.
Year-to-date, the digital assets market cap has grown by 31.5%, up from $1.8 trillion at the close of 2023.
The rise in AUM is partly attributed to the approval of BTC Spot ETFs, which launched in January and have seen cumulative net inflows of around $18.9 billion.
AUM of Bitcoin-based ETPs has increased 102% year-to-date, reaching $72.1 billion by September.
Bitcoin’s price has also risen by 51% this year, growing to $63,725 from $42,290 at the end of 2023.
"While BTC ETPs set the stage in the first half of the year, Q3 saw a more even playing field as altcoins and basket ETPs gained momentum," Fineqia CEO Bundeep Singh Rangar said in a statement.
"Bitcoin planted the seeds of growth, and now the rest of the market is reaping the rewards."
Meanwhile, Fineqia’s analysis showed that alternative coin ETPs, tracking assets other than Bitcoin, saw their AUM rise by 9.6% in September to $3.43 billion, while basket ETPs, which represent a diversified range of cryptocurrencies, also posted a 9.6% growth, reaching $3 billion.
Despite a 2% decline in Q3, diversified basket ETPs experienced a robust rebound in September. Ethereum (ETH)-based ETPs saw more volatile performance, the analysis showed.
While ETH’s price increased by 3.7% in September to $2,612, it had fallen by 23.4% during Q3, which coincided with a 27.5% reduction in AUM for Ethereum ETPs, which fell from $14 billion at the end of June to $10.2 billion by September.
Fineqia’s analysis suggests that this dip was largely due to outflows from the Grayscale Ethereum ETF, following its conversion from a trust. However, positive inflows of $85 million in the last week of September marked a potential turning point, signaling renewed investor interest.