OPEN APP
Home / Markets / Cryptocurrency /  Bitcoin AUM sees largest monthly pullback since July, says report
Listen to this article

NEW DELHI: Investors rotated holdings to Bitcoin alternatives as assets under management (AUM) of bitcoin-based crypto funds fell 9.5% to $48.7 billion in November, the largest month-on-month pullback since July, according to a report by digital asset data provider CryptoCompare.

This comes in a month where bitcoin has fallen 4.6% to $58,508 (as of 22 November.)

On the other hand, Ethereum and other crypto products saw their AUM rise 5.4% to $16.6 billion and 10.4% to $2.6 billion, respectively. For overall crypto funds or digital asset management products, this resulted in a marginal monthly fall in AUM from $74.7 billion or -5.5% to $70.0 billion.

The world’s biggest digital asset manager Grayscale’s products represented the vast majority of AUM at $53.0 billion (76.8% of total) followed by those of XBT Provider ($5.0 billion, 7.2% of total) and 21Shares ($2.5 billion, 3.6% of total).

Further, average daily volumes of crypto funds also fell 13% to an average of $732 million, which remains significantly below the all-time high seen in January of $1.51 billion. On the other hand, inflows into investment products were positive, with bitcoin-based products leading the way amassing a weekly average of $94.4 million, showed CryptoCompare report.

US-based Grayscale’s Bitcoin Trust product (GBTC), the largest BTC-based product, lost a significant market share of trust product volume in November at 51% (down from 63.1%) after a month where average daily volumes fell 26.1% to $289 million. In contrast, the average daily volume for Grayscale’s ETHE, the largest ETH-based investment product by volume, increased 8.2% to $239 million.

Bitcoin trusts hold digital currency, allowing investors to trade shares through brokerage or retirement accounts, rather than cryptocurrency exchanges.

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.
Close

Recommended For You

×
Edit Profile
Get alerts on WhatsApp
Set Preferences My ReadsWatchlistFeedbackRedeem a Gift CardLogout