According to cryptocurrency data company CryptoCompare, Bitcoin (BTC)-based investment products face strong competition from altcoin-based products.
Crypto data firm said in a new report that investment products based on Litecoin (LTC) and Solana (SOL) delivered better returns than products based on BTC in the 30-day period leading up to November 19. CryptoCompare says that Bitcoin-based investment products recorded losses in the same period, while Ethereum and Solana-based products recorded profits.
“BTC-based products have experienced losses ranging from 6% to 13% in the last 30 days, while gains ranging from 0.5% to 7% have been seen in ETH products. 21Shares’ ASOL ETN had the biggest gain of 22%…”
The report also highlights that the level of assets under management (AUM) for Bitcoin has seen a significant monthly decrease, while the AUM for other cryptoassets has increased.
“Bitcoin AUM 9% in November. It fell 5 to $48.7 billion, making its biggest monthly pullback since July. Meanwhile, Ethereum and other cryptocurrency products are 5% of their AUM respectively. It saw an increase of 4 to $16.6 billion and an increase of 10.4% to $2.6 billion. ”
The report also included the following statements:
“BTC-based investment products saw generally negative returns in November, led by ETC Groups’ BTCE product offering -13.1% returns. Similarly, Grayscale GBTC offered -10.2% returns. The best performing investment product was Valour’s BTCZERO offering a return of -6.6%. ”
