In its newest Digital Asset Administration Overview, CryptoCompare has reported that in November, different crypto-asset funding merchandise, comparable to Ethereum, Litecoin and  Solana have outshined these of Bitcoin ETPs, as they raked in higher positive factors than the flagship digital asset.

Bitcoin-based merchandise carry out poorly in November

The report observes that the AUM of Grayscale’s Bitcoin (GBTC), which owns most of the trusts, plummeted by 10.1% to  $38.1 billion, nonetheless, different asset Ethereum (ETH) rose by 3.6% to $12.9 billion.

In line with the report:

“ETC Group’s BTCE product regained the place of highest AUM ETN/ETF product with a acquire of 1.2% to $1.5bn. This was adopted by Function’s Bitcoin ETF (BTCC) and 3iQ Coinshares’ Bitcoin ETF (BTCQ) which fell 6.5% and 10.1% to $1.4bn and $1.2bn respectively.”

It was additionally revealed that the common each day buying and selling volumes of your complete crypto-based ETPs have fallen by 13% to $732 million in November, nonetheless, widespread ETH-based exchange-traded merchandise rallied to new heights although it was nonetheless under the highs seen in the course of the starting of the 12 months.

Curiously, Litecoin and Solana-based exchange-traded merchandise carried out nicely, whereas Grayscale’s crypto basket fund, quite the opposite, solely returned a destructive acquire of -15.5%.

The CryptoCompare report continued that a number of BTC-based funding merchandise suffered main losses. For instance, ETC Group’s BTCE product was one of many greatest losers because it was down by -13%, adopted by Grayscale’s GBTC belief, with -10.1%. Nonetheless, among the many BTC-based funding merchandise, solely Valour’s BTCZERO carried out pretty higher, shedding simply -6.6%.

Chances are you’ll recall that the worth of Bitcoin plummeted to under the $60ok mark in the course of the month. Alternatively, altcoin-based merchandise had been favored within the month, because the product of 21Shares’ ASOL (Solana-based product) and Grayscale’s LTCN (Litecoin-based product) returned 22.0% and 14.9% positive factors respectively.

This report corroborates a lot of earlier CoinShares studies the place the crypto analytics web site reported that different digital property like Solana and Cardano have seen extra institutional traders not too long ago than Bitcoin.

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Posted In: , Investments

Author: Cryptodaddy