While the position of Bitcoin (BTC) as a viable inflation hedge continues to attract investors, the new data reflects a shift in sentiment as Ethereum (ETH) and other cryptocurrency products accelerate the decline in Bitcoin assets under management (AUM).
According to a CryptoCompare report, the Bitcoin AUM market fell 9.5% to $48.7 billion in November, the largest monthly withdrawal since July. On the other hand, for altcoin-based cryptocurrencies like ETH, AUM rose 5.4% to $16.6 billion.
Monthly assets under management for aggregated products. Source – CryptoCompare
As shown in the chart above, total assets under management across all digital asset investment products fell 5.5% to $70.0 billion, in line with the ongoing bear market since bitcoin hit an all-time high of $65,000.
As a result of a 9.5% drop, the AUM bitcoin market accounts for 70.6% of the total AUM share. However, AUM Ethereum rose 5.4% to $16.6 billion, while AUM representing other cryptocurrencies rose by $2.6 billion.
By type of asset. Source – CryptoCompare
Of the total AUM supply, products with gray shades represent 76.8% of the AUM market. Grayscale Trust products fell 6.8% to $54.5 billion. Other notable players include XBT Provider ($5.0 billion, 7.2% of the total) and 21Shares ($2.5 billion, 3.6% of the total), as shown in the chart below:
The assets under management of the company. Source – CryptoCompare
According to the report, the average weekly flow of Bitcoin-based products reached $94.4 million in November. Of the remaining $67.8 million, Ethereum-based products brought in nearly $24.4 million, while Cardano and Tron-based products brought in $10.7 million and $10.5 million, respectively.
Related: Morgan Stanley Increases Reach for Bitcoin, Reaches $300 Million in Grayscale
US microservices giant Morgan Stanley has reported an increase in bitcoin exposure by buying shares in the Grayscale Bitcoin Trust.
According to Cointelegraph, Morgan Stanley’s recent filing with the US Securities and Exchange Commission (SEC) indicates a 63% increase in the Greyscale Bitcoin Trust (GBTC).
With a market price of nearly $45, the total portfolio of Bitcoin-focused Morgan Stanley exceeds $300 million, and it is primarily aimed at uncovering BTC without investing directly in the cryptocurrency.