CryptoCompare Digital Asset Management Review - Bitcoin AUM Sees Largest Monthly Pullback Since July
Despite reaching new all-time highs on the 10th of November, both Bitcoin and Ethereum fell by 5.2% and 0.2%, respectively, in November (data up to 19th) - a slight correction following a strong October.
For digital asset management products, this resulted in a marginal month on month fall in AUM, from $74.7bn to $70bn (-5.5%). Average daily volumes also declined 13% to an average of $732mn, however, inflows into investment products remained positive - with Bitcoin-based products leading the way amassing a weekly average of $94.4mn
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- Bitcoin AUM fell 9.5% to $48.7bn in November, its largest month-on-month pullback since July. Meanwhile, Ethereum and other cryptocurrency products saw their AUM rise 5.4% to $16.6bn and 10.4% to $2.6bn, respectively.
- Average daily trading volumes across all digital asset investment product types fell by an average of 13.0% from October to $732mn/day - significantly below the all-time high of $1.51bn that was reached in January.
- BTC-based investment products were outperformed by Solana & Litecoin-based products, led by 21Shares’ ASOL (Solana-based product) and Grayscale’s LTCN (Litecoin-based product), which returned 22.0% and 14.9% respectively.
- Average weekly net inflows were positive in November for the third month in a row. Inflows averaged $203mn, a decrease of 56.2% since October.
- Grayscale’s Bitcoin trust product (GBTC) lost significant market share of trust product volume in November at 51.0% (down from 63.1%).
Aggregate daily volumes across all digital asset investment product types fell by an average of 13.0% from October to November. Average daily volumes now stand at $732mn.
Among the top ETNs/ETFs, ETC Group’s BTCE product traded the highest daily volume in November at $32.6mn (down 35.1%), followed by Purpose’s Bitcoin product (BTCC) at $13.1mn (down 32.2%) and 21Shares Ethereum product (AETH) at $8.0mn (down 7.1%).
21Shares Solana product (ASOL) experienced the largest percentage increase in trading volume, up 171% to $6.3mn.
AUM – Assets Under Management
In November, Bitcoin’s AUM fell 9.5% to $48.7bn. As a result, it lost market share from October (now 70.6% of total AUM vs. 73.7% last month).
Ethereum’s AUM also rose 5.4% to $16.6bn while Other and Baskets AUM reached $2.6bn (up 10.4%) and $1.1bn (down 2.3%), respectively.
Grayscale products represent the vast majority of AUM at $53.0bn (76.8% of total) followed by those of XBT Provider ($5.0bn, 7.2% of total) and 21Shares ($2.5bn, 3.6% of total).
Average weekly net inflows were positive in November for the third month in a row. Inflows averaged $203mn, a decrease of 56.2% since October.
BTC-based products experienced losses over the last 30 days, ranging from -6% to -13% while ETH products saw gains ranging from 0.5% to 7% for ETH products.
21Shares’ ASOL ETN experienced the largest gain at 22%, while Grayscale’s BTX product experienced the largest loss at 31% over the period.
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