While Bitcoin’s (BTC) position as a viable hedge against fiat inflation continues to attract investors, the new data reflects a shift in sentiment as Ethereum (ETH) and other cryptocurrency products gather steam against falling assets. under management (AUM) of Bitcoin.
The Bitcoin AUM market fell 9.5% to $ 48.7 billion in November, marking the biggest month-over-month pullback of the year since July, according to a report from CryptoCompare.. On the other hand, altcoin-based crypto funds such as ETH saw their AUM increase by 5.4% to $ 16.6 billion.
As shown in the above graphic, Total AUM across all digital asset investment products has dropped 5.5% to $ 70 billion, which is in line with the current bear market since Bitcoin hit an all-time high of over $ 65,000.
As a result of the 9.5% drop, the Bitcoin AUM market accounts for 70.6% of the total AUM share. However, Ethereum’s AUM increased 5.4% to $ 16.6 billion, while AUMs representing other crypto assets increased by $ 2.6 billion.
Of the total AUM offerings, products at Grayscale represent 76.8% of the AUM market. Fiduciary products at Grayscale fell 6.8% to $ 54.5 billion. Other prominent players include XBT Provider ($ 5.0 billion, 7.2% of total) and 21Shares ($ 2.5b billion, 3.6% of total), as demonstrated by the following graph:
According to the report, weekly flows to Bitcoin-based products in November averaged $ 94.4 million. Of the other $ 67.8 million, Ethereum-based products contributed approximately $ 24.4 million, while Cardano and Tron-based products amounted to $ 10.7 million and $ 10.5 million respectively.
American financial services giant Morgan Stanley reported that it increased its exposure to Bitcoin through the purchase of shares in the Grayscale Bitcoin Trust.
As Cointelegraph reported, Morgan Stanley’s recent filing with the U.S. Securities and Exchange Commission (SEC) highlighted a 63% increase in the Grayscale Bitcoin Trust (GBTC) stake.
With a market price of nearly $ 45, Morgan Stanley’s overall Bitcoin-centric portfolio exceeds $ 300 million, primarily targeting BTC exposure with no direct cryptocurrency investments.
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