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