According to CryptoCompare, Bitcoin-based investment products are facing strong competition from altcoin-based products.
In a new report by CryptoCompare, Litecoin (LTC) and Solana-based investment products outperformed BTC-based products over a 30-day period from 11/19
“BTC based investment products have outperformed Solana & Litecoin based products, led by 21Shares ASOL (Solana based product) and Grayscale LTCN (Litecoin based product), earning about 22.0% and 14.9% respectively.”
CryptoCompare said Bitcoin-based investment products recorded losses year-on-year while Ethereum and Solana-based products registered profits.
“BTC-based products experienced losses over the past 30 days ranging from -6% to -13% while ETH products saw gains of 0.5% to 7%.
21Shares ASOL ETN posted the biggest gain at 22%…”
The report also highlights that asset under management (AUM) for Bitcoin has fallen significantly on a monthly basis while AUM for other crypto assets has increased sharply.
“Bitcoin AUM dropped 9.5% to $48.7 billion in November, the biggest monthly drop since July. Meanwhile, Ethereum and other crypto products have seen their AUMs increase in turn. 5.4% to $16.6 billion and 10.4% to $2.6 billion.”
The drop caused Bitcoin's share of total crypto assets under management to drop from 73.7% to 70.6% in November.
