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).
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.
According to the report, weekly flows into Bitcoin-based products in November averaged $94.4 million. Out of the other $67.8 million, Ethereum-based products contributed to roughly $24.4 million, while Cardano- and Tron-based products amounted to $10.7 million and $10.5 million respectively.
American finserv giant Morgan Stanley reported increased their exposure to Bitcoin through purchases of shares of Grayscale Bitcoin Trust.
As per the report from Cointelegraph, Morgan Stanley’s recent filing with the United States Securities and Exchange Commission (SEC) highlighted a 63% increase in Grayscale Bitcoin Trust (GBTC) holding.
Sporting a market price of nearly $45, Morgan Stanley’s overall Bitcoin-centered portfolio surpasses $300 million, primarily aimed at BTC exposure without direct crypto investments.
