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

The Bitcoin assets under management (AUM) market fell 9.5% to $48.7 billion in November while altcoin-based crypto funds such as Ether saw their AUM rise 5.4% to $16.6 billion.

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

The Bitcoin AUM market fell 9.5% to $48.7 billion in November, marking the year’s largest month-on-month pullback since July, according to a CryptoCompare report. On the other hand, altcoin-based crypto funds such as ETH saw their AUM rise 5.4% to $16.6 billion.

Monthly AUM of aggregated products. Source - CryptoCompare

As shown in the above graph, the total AUM across all digital asset investment products has fallen 5.5% to $70.0 billion, which coincides with the ongoing bear market ever since Bitcoin achieved an all-time high of above $65,000. 

As a result of the 9.5% fall, the Bitcoin AUM market represents 70.6% of the total AUM share. Ethereum’s AUM, however, rose 5.4% to $16.6 billion while AUMs representing other crypto assets were up by $2.6 billion.

AUM by asset type. Source - CryptoCompare

Out of the total AUM offerings, Grayscale products amount to 76.8% of the AUM market. The Grayscale-dominated trust products fell by 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), evidenced by the graph below:

AUM by company. Source - CryptoCompare

According to the report, weekly flows into Bitcoin-based products in November averaged $94.4 million. Out of the other $67.8 million, Ethereum-based products contributed to roughly $24.4 million, while Cardano- and Tron-based products amounted to $10.7 million and $10.5 million, respectively.

Related: Morgan Stanley increased exposure to Bitcoin, held $300M in Grayscale shares

American finserv giant Morgan Stanley reportedly increased their exposure to Bitcoin through purchases of shares of Grayscale Bitcoin Trust.

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) holding.

Sporting a market price of nearly $45 per share, Morgan Stanley’s overall Bitcoin-centered portfolio surpasses $300 million, primarily aimed at BTC exposure without direct crypto investments.