Institutional investors are reportedly exiting Bitcoin for some altcoins. In November, Bitcoin slumped close to 10 percent, the biggest drop since July. Ethereum saw a 5.4 percent increase, while many altcoins were up 10 percent. Common to all coins is that daily volumes dropped significantly in November. Detail cryptocoin.com‘in.
Flow from bitcoin to altcoin projects
In November, which started at $ 62 thousand, Bitcoin reached an all-time high, above $ 68,000, in the middle of the month. It later lost altitude and is currently trading below $55,000. This decline seems to have frightened even institutional investors. While BTC had a negative return in November, ETH, Solana and Litecoin stood out as the coins that stood out in altcoin gains. Overall, crypto products under management fell 5.5 percent from $74.7 billion to $70 billion in November, according to CryptoCompare’s report titled “Digital Asset Management Review.” Average daily volumes also fell 13 percent to an average of $732 million. This means that it is 50 percent below the record $1.5 billion recorded in January.
Altcoins win Bitcoin hurt
It would not be wrong to say that Bitcoin was the biggest loser in November. Bitcoin assets under management (AUM) fell 9.5 percent to $48.7 billion. This was the highest monthly decline since July. So where did the assets from BTC flow? The data in the report shows that the address is altcoins. Ethereum assets under management rose 5.4 percent to $16.6 billion, while other cryptocurrencies rose 10.4 percent to $2.6 billion.
The Grayscale Bitcoin Trust (GBTC) controls 78 percent of the BTC market share with $38.1 billion. As such, it remains the dominant product in the market, but fell 10.1 percent this month. Grayscale’s Ethereum assets are worth $12.9 billion and are up 3.6 percent this month. According to the report, ETC Group’s BTCE is worth $1.5 billion, the Purpose Bitcoin ETF is $1.4 billion, and the 3iQ CoinShares Bitcoin ETF is worth $1.2 billion. Overall, the trading volume of crypto markets also took a hit in November. The Grayscale Bitcoin Trust took the biggest hit, with daily volumes dropping 26% to $289 million. Bitcoin hasn’t lagged behind just other than volume and AUM. In terms of profitability, BTC has also been largely left behind by altcoins. Looking at the increasing returns in altcoins, Solana and Litecoin are leading the way.
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