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CryptoCompare Digital Asset Management Review - Bitcoin AUM Sees Largest Monthly Pullback Since July

Date 25/11/2021

Despite reaching new all-time highs on the 10th of November, both Bitcoin and Ethereum fell by 5.2% and 0.2%, respectively, in November (data up to 19th) - a slight correction following a strong October. 


For digital asset management products, this resulted in a marginal month on month fall in AUM, from $74.7bn to $70bn (-5.5%). Average daily volumes also declined 13% to an average of $732mn, however, inflows into investment products remained positive - with Bitcoin-based products leading the way amassing a weekly average of $94.4mn

Access the latest CryptoCompare latest Digital Asset Management Review for all the latest insight.

Key takeaways:

  • Bitcoin AUM fell 9.5% to $48.7bn in November, its largest month-on-month pullback since July. Meanwhile, Ethereum and other cryptocurrency products saw their AUM rise 5.4% to $16.6bn and 10.4% to $2.6bn, respectively.
  • Average daily trading volumes across all digital asset investment product types fell by an average of 13.0% from October to $732mn/day - significantly below the all-time high of $1.51bn that was reached in January.
  • BTC-based investment products were outperformed by Solana & Litecoin-based products, led by 21Shares’ ASOL (Solana-based product) and Grayscale’s LTCN (Litecoin-based product), which returned 22.0% and 14.9% respectively.
  • Average weekly net inflows were positive in November for the third month in a row. Inflows averaged $203mn, a decrease of 56.2% since October.
  • Grayscale’s Bitcoin trust product (GBTC) lost significant market share of trust product volume in November at 51.0% (down from 63.1%).
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Trading Volumes
 

Aggregate daily volumes across all digital asset investment product types fell by an average of 13.0% from October to November. Average daily volumes now stand at $732mn.

CC_Fig_1_25Nov21.jpg

Among the top ETNs/ETFs, ETC Group’s BTCE product traded the highest daily volume in November at $32.6mn (down 35.1%), followed by Purpose’s Bitcoin product (BTCC) at $13.1mn (down 32.2%) and 21Shares Ethereum product (AETH) at $8.0mn (down 7.1%).

21Shares Solana product (ASOL) experienced the largest percentage increase in trading volume, up 171% to $6.3mn.

CC_Fig_2_25Nov21.jpg

AUM – Assets Under Management
 

In November, Bitcoin’s AUM fell 9.5% to $48.7bn. As a result, it lost market share from October (now 70.6% of total AUM vs. 73.7% last month).

Ethereum’s AUM also rose 5.4% to $16.6bn while Other and Baskets AUM reached $2.6bn (up 10.4%) and $1.1bn (down 2.3%), respectively.

CC_Fig_3_25Nov21.jpg

Grayscale products represent the vast majority of AUM at $53.0bn (76.8% of total) followed by those of XBT Provider ($5.0bn, 7.2% of total) and 21Shares ($2.5bn, 3.6% of total).

CC_Fig_4_25Nov21.jpg

Average weekly net inflows were positive in November for the third month in a row. Inflows averaged $203mn, a decrease of 56.2% since October.

CC_Fig_5_25Nov21.jpg

Price Performance
 

BTC-based products experienced losses over the last 30 days, ranging from -6% to -13% while ETH products saw gains ranging from 0.5% to 7% for ETH products.

21Shares’ ASOL ETN experienced the largest gain at 22%, while Grayscale’s BTX product experienced the largest loss at 31% over the period.

CC_Fig_6_25Nov21.jpg

ETP News

October 29th
First Uniswap ETP Goes Live as Institutional DeFi Products Proliferate

November 9th
Grayscale Files for ‘Future of Finance’ Crypto and Fintech Company ETF

November 11th
Grayscale AUM Hits $60Bn for the First Time Ever, Exceeding the World’s Largest Gold Fund.

November 11th
ProShare’s Bitcoin Futures Fund in Top 2% of all ETFs for Volume

November 17th
VanEck Bitcoin Futures ETF to Debut on Cboe After SEC Rejects Spot BTC Proposal

November 17th
Crypto Inflows Surge to Record $9 Billion in 2021 So Far; Total AUM Crosses $80 Billion

November 18th
21Shares Announces Listing of Polygon, Avalanche and Algorand Crypto ETP on Swiss Exchange