Bitcoin AUM falls 9.5% to record largest monthly pullback since July

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The AUM Bitcoin market fell 9.5% to $ 48.7 billion in November, marking the largest monthly decline of the year since July, according to a CryptoCompare report. On the other hand, crypto funds based on altcoins such as ETH saw their assets under management increase 5.4% to $ 16.6 billion.

As Bitcoin’s (BTC) position as a viable hedge against fiat inflation continues to attract investors, new data reflects a shift in sentiment as Ethereum (ETH) and other cryptocurrency products gain momentum against falling Bitcoin assets under management (AUM).

Monthly AUM of aggregated products. Source – CryptoComparer

As shown in the chart above, the total assets under management of all digital asset investment products fell 5.5% to $ 70.0 billion, coinciding with the ongoing bear market. since Bitcoin hit a record high of over $ 65,000.

Due to the 9.5% drop, the Bitcoin AUM market accounts for 70.6% of the total AUM share. Ethereum’s AUMs, however, rose 5.4% to $ 16.6 billion, while AUMs representing other crypto assets rose $ 2.6 billion.

AUM by asset type. Source – CryptoComparer

Of the total AUM offers, grayscale products represent 76.8% of the AUM market. Greyscale-dominated fiat products fell 6.8% to $ 54.5 billion. Other prominent players include XBT Provider ($ 5.0 billion, 7.2% of total) and 21Shares ($ 2.5 billion, 3.6% of total), as seen in the graph below. below:

AUM by company. Source – CryptoComparer

According to the report, weekly flows to Bitcoin-based products in November averaged $ 94.4 million. Of the remaining $ 67.8 million, Ethereum-based products contributed around $ 24.4 million, while Cardano and Tron-based products accounted for $ 10.7 million and $ 10, respectively. , $ 5 million.

Related: Morgan Stanley increased its exposure to Bitcoin and held $ 300 million in grayscale shares

U.S. finserv giant Morgan Stanley said it increased its exposure to Bitcoin by purchasing Grayscale Bitcoin Trust shares.

As Cointelegraph reported, Morgan Stanley’s recent filing with the United States Securities and Exchange Commission (SEC) highlighted a 63% increase in Grayscale Bitcoin Trust (GBTC) ownership.

Sporting a market price of nearly $ 45, Morgan Stanley’s overall Bitcoin-centric portfolio exceeds $ 300 million, primarily for BTC exposure without direct crypto investments