While Bitcoin’s position as a hedge against inflation continues to attract investors, the new data reflects a shift in sentiment. Specifically, the asset under management (AUM) in Ethereum and other cryptos is continuously increasing while that of Bitcoin is falling.
Bitcoin AUM dropped 9.5% to $48.7 billion in November, marking the biggest monthly drop of the year since July On the other hand, altcoin-based crypto funds like Ether saw AUM increase 5.4% to $16.6 billion.
Source: CryptoCompare
As shown in the chart above, the total AUM across all crypto asset investment products fell 5.5% to $70.0 billion, coinciding with the ongoing bear market since Bitcoin hit an all-time high (ATH) above $65,000.
Due to the 9.5% drop, Bitcoin represents 70.6% of the total AUM market. However, Ethereum’s AUM increased by 5.4% to $16.6 billion while the AUM representing other crypto assets increased by $2.6 billion.
Source: CryptoCompare
In which, Grayscale products accounted for 76.8% of AUM market share. Grayscale trust products fell 6.8% to $54.5 billion. Other prominent players include XBT Provider ($5.0 billion, 7.2%) and 21Shares ($2.5 billion, 3.6%).
Source: CryptoCompare
According to the report, weekly inflows into Bitcoin-based products in November averaged $94.4 million. Meanwhile, Ethereum-based products contribute around $24.4 million, Cardano- and Tron-based products reach $10.7 million and $10.5 million respectively.
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