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

Although Bitcoin (BTC), as a viable hedge against fiat inflation, continues to attract investors. However, new data shows a shift in sentiment as Ethereum and other cryptocurrency products gain steam against falling Bitcoin assets under Management (AUM).

According to CryptoCompare, the November drop in Bitcoin AUM to $48.7 Billion was 9.5%. This is the largest monthly pullback since July. Altcoin-based crypto funds like ETH saw their AUM increase 5.4% to $16.6 million.

Monthly AUM of aggregated product. Source – CryptoCompare

The graph above shows that the AUM of all digital asset investments products fell 5.5% to $70.0 Billion. This coincides with the current bear market since Bitcoin reached an all-time high above $65,000.

The 9.5% drop in AUM shares has resulted in the Bitcoin AUM market accounting for 70.6%. However, Ethereum’s AUM rose 5.4% to $16.6 Billion, while other crypto assets saw an increase of $2.6 Billion.

AUM by type of asset. Source – CryptoCompare

Grayscale products account for 76.8% in the AUM market. Grayscale trust products dominated by Grayscale fell 6.8% to $54.5 million. The graph below shows that 21Shares ($2.5bn or 3.6% of the total) and XBT Provider ($5.0bn each, 7.2% each, are other prominent players.

AUM by company Source – CryptoCompare

The report shows that in November, the average weekly flow into Bitcoin-based products was $94.4 million. The Ethereum-based products made up approximately $24.4 million of the $67.8 millions. Cardano and Tron-based products were $10.7 million and $10.5 Million, respectively.

Related: Morgan Stanley increases exposure to Bitcoin and holds $300M in Grayscale shares

Morgan Stanley, an American financial giant, reported that they increased their exposure to Bitcoin by purchasing shares in Grayscale Bitcoin Trust.

Cointelegraph reported that Morgan Stanley’s most recent filing with the United States Securities and Exchange Commission highlighted a 63% rise in Grayscale Bitcoin Trust (GBTC), holdings.

Morgan Stanley’s entire Bitcoin-centered portfolio has a market value of almost $45. It is primarily focused on BTC exposure and not direct crypto investments.