Bitcoin AUM is down 9.5% as it experienced its biggest monthly decline since July to $ 48.7 billion, while other altcoin-based funds like ETH got their AUM down 5.4% to US 16.6 billion -Dollars increase. So read more on our latest bitcoin news today.
While Bitcoin’s position as a viable hedge against fiat inflation is attractive to many investors, the new data reflects a shift in sentiment as ETH and other crypto products battle a decline in Bitcoin assets under management. Bitcoin AUM fell 9.5% to $ 48.7 billion in the biggest monthly rally of the year, according to CryptoCompare. On the other hand, altcoin-based funds like their ETH Noticed AUM are growing to $ 16.6 billion. As shown in the graph, total wealth across all digital investment products fell 5.5% to $ 70 billion, coinciding with the ongoing bear market since BTC hit a high, with an all-time high of $ 65,000.
Due to the 9.5% decline, the Bitcoin AUM market accounts for roughly 70% of the total AUM market share. Ethereum’s AUM is up 5.4% while the AUM, which represents other crypto assets, is up $ 2.6 billion. Of the total products AUM offers, Grayscale products account for 76.8% of the AUM market, with Grayscale’s dominant trust products dropping to $ 54.5 billion. Other players are XBT providers and 21Shares with 7.2% and 3.6% respectively. According to the report, weekly inflows into BTC-based products averages $ 94.4 million, and of the other $ 67.8 million, ETH-based products contribute around $ 24.4 million, while Tron- and Cardan-based products are approximately $ 10.7 million.
American giant Morgan Stanley has reported an increase in Bitcoin exposure by buying shares in the Grayscale Bitcoin Trust. Their most recent filing with the US SEC shows a 63% increase in Grayscale Bitcoin Believe in stocks. With a market price of $ 45, Morgan Stanley’s BTC-focused portfolio exceeds $ 300 million with the aim of getting exposure to BTC without investing directly in crypto.
As recently reported, Bitcoin is 12.4% lower than a week ago, driven by concerns about the US $ 1.2 trillion infrastructure bill. The bill introduced tax reporting requirements for various types of crypto services, such as exchanges like Binance, Coinbase, etc. that are considered brokers. You now need to provide the government 1099 forms with the names and addresses of their users who will be making transactions. Non-custody wallets could be considered brokers under the new regulation, which raises some puzzles about the type of data they collect from their customers.
Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page
Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) dominate the crypto market, but experts warn that…
Discover the future as the Dogecoin price aims for a $0.7 comeback and discover why…
Willemstad, Curaçao, 4th November 2024, Chainwire
London, UK, 4th November 2024, Chainwire
November is the perfect time for BlockDAG's huge presale. Use BDAG100 to double your purchase.…
OpenSea new version is scheduled to launch in December, with an improved user experience, improved…
This website uses cookies.