{"id":477601,"date":"2021-11-29T20:30:24","date_gmt":"2021-11-29T20:30:24","guid":{"rendered":"https:\/\/wncen.com\/?p=477601"},"modified":"2024-06-11T06:48:41","modified_gmt":"2024-06-11T06:48:41","slug":"report-shows-institutional-investors-are-abandoning-bitcoin-for-altcoins","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/report-shows-institutional-investors-are-abandoning-bitcoin-for-altcoins\/","title":{"rendered":"Report Shows Institutional Investors Are Abandoning Bitcoin For Altcoins"},"content":{"rendered":"<p class=\"p1\">Institutional investors have been increasing their bets in Bitcoin for a while now. Even big banks such as Morgan Stanley have introduced funds through which they provide their clients with exposure to the crypto market. Bitcoin has long been the digital asset of choice for institutional investors given its track record of outperformance. However, the tides look to be changing as big money turns its attention to altcoins.<\/p>\n<h2 class=\"p1\">Bitcoin Losing Steam<\/h2>\n<p class=\"p1\">A new <a href=\"https:\/\/data.cryptocompare.com\/reports\/digital-asset-management-review-november-2021\" rel=\"nofollow\">report<\/a> from CryptoCompare shows that institutional interest in Bitcoin had dropped significantly in the month of November. Bitcoin assets under management (AUM) took a hit as the digital asset recorded losses not seen since July. This makes it one of the largest pullback months for the year 2021. Total BTC AUM fell 9.5% to $48 billion this month.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading |\u00a0<a href=\"https:\/\/wncen.com\/news\/bitcoin\/market-analysts-explain-why-this-correction-is-good-for-bitcoin\/\">Market Analysts Explain Why This Correction Is Good For Bitcoin<\/a><\/strong><\/em><\/p>\n<p class=\"p1\">This pullback showed a lack of interest from institutional investors who have mostly taken a bullish stance on the digital asset this year. For Bitcoin, November came with terrible turns as the price had crumbled along with interest. After hitting an all-time high of $69K, the asset had taken major hits that saw its price beaten down below $55,000.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium\" src=\"https:\/\/www.tradingview.com\/x\/mr4xNPVN\/\" alt=\"Bitcoin price chart from TradingView.com\" width=\"1345\" height=\"686\"><\/p>\n<pre style=\"text-align: center\">BTC trading at $56,000 | Source: <a href=\"https:\/\/www.tradingview.com\/chart\/UG2tjOD6\/\" rel=\"nofollow\">BTCUSDon TradingView.com<\/a><\/pre>\n<p class=\"p1\">Bitcoin\u2019s lack of interest from big money had also adversely affected total crypto AUM. Across the market, total digital asset AUM had also dropped 5.5% to $70 billion this month, according to the report.<\/p>\n<p class=\"p1\">Trading figures for Bitcoin had also plummeted for the month of November. Bitcoin funds across the space saw declining figures to varying degrees with Grayscale Bitcoin Trust recording the largest decline in the market. The trust had taken a beating that saw its daily volumes drop 25% to $289 million, alongside the share of trust product volume which dropped from 63% the previous month to 51% for the month of November.<\/p>\n<h2 class=\"p1\">Altcoins Pick Up The Slack<\/h2>\n<p class=\"p1\">While BTC suffered from low interest, institutional investors seemed to have found a new favorite in the market; altcoins. Cryptocurrencies that are not Bitcoin are referred to as altcoins and big money has turned its attention to this blossoming market.<\/p>\n<p style=\"text-align: center\"><strong><em>Related Reading |\u00a0<a href=\"https:\/\/wncen.com\/news\/ethereum\/jpmorgan-lists-ethereum-as-a-better-investment-than-bitcoin\/\">JPMorgan Lists Ethereum As A Better Investment Than Bitcoin<\/a><\/em><\/strong><\/p>\n<p class=\"p1\">Trading volumes had plummeted across the market given how shaky the market had been. Along with Bitcoin, trading volumes for all digital assets had dropped 13% to an average of $732 million per day. However, despite trading volumes for all crypto assets investments taking a hit, altcoins had maintained momentum and secured the most gains for investors.<\/p>\n<p class=\"p1\">Etheruem\u2019s AUM grew 5.4% for the month of November to a total of $16.6 billion. Other altcoins were not left behind as Litecoin and Solana also recorded great gains for the month. Grayscale\u2019s LTCN, which is a Litecoin-based product, had returned 14.9%, while 21Shares ASOL, a Solana-based product, saw 22% gains in the same time period.<\/p>\n<pre style=\"text-align: center\">Featured image from RJP LLP, chart from TradingView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Institutional investors have been increasing their bets in Bitcoin for a while now. Even big banks such as Morgan Stanley have introduced funds through which they provide their clients with exposure to the crypto market. Bitcoin has long been the digital asset of choice for institutional investors given its track record of outperformance. However, the tides look to be changing as big money turns its attention to altcoins. Bitcoin Losing Steam A new report from CryptoCompare shows that institutional interest in Bitcoin had dropped significantly in the month of November. Bitcoin assets under management (AUM) took a hit as the digital asset recorded losses not seen since July. This makes it one of the largest pullback months for the year 2021. Total BTC AUM fell 9.5% to $48 billion this month. Related Reading |\u00a0Market Analysts Explain Why This Correction Is Good For Bitcoin This pullback showed a lack of interest from institutional investors who have mostly taken a bullish stance on the digital asset this year. For Bitcoin, November came with terrible turns as the price had crumbled along with interest. After hitting an all-time high of $69K, the asset had taken major hits that saw its price beaten down below $55,000. BTC trading at $56,000 | Source: BTCUSDon TradingView.com Bitcoin\u2019s lack of interest from big money had also adversely affected total crypto AUM. Across the market, total digital asset AUM had also dropped 5.5% to $70 billion this month, according to the report. Trading figures for Bitcoin had also plummeted for the month of November. Bitcoin funds across the space saw declining figures to varying degrees with Grayscale Bitcoin Trust recording the largest decline in the market. The trust had taken a beating that saw its daily volumes drop 25% to $289 million, alongside the share of trust product volume which dropped from 63% the previous month to 51% for the month of November. Altcoins Pick Up The Slack While BTC suffered from low interest, institutional investors seemed to have found a new favorite in the market; altcoins. Cryptocurrencies that are not Bitcoin are referred to as altcoins and big money has turned its attention to this blossoming market. Related Reading |\u00a0JPMorgan Lists Ethereum As A Better Investment Than Bitcoin Trading volumes had plummeted across the market given how shaky the market had been. Along with Bitcoin, trading volumes for all digital assets had dropped 13% to an average of $732 million per day. However, despite trading volumes for all crypto assets investments taking a hit, altcoins had maintained momentum and secured the most gains for investors. Etheruem\u2019s AUM grew 5.4% for the month of November to a total of $16.6 billion. Other altcoins were not left behind as Litecoin and Solana also recorded great gains for the month. Grayscale\u2019s LTCN, which is a Litecoin-based product, had returned 14.9%, while 21Shares ASOL, a Solana-based product, saw 22% gains in the same time period. Featured image from RJP LLP, chart from TradingView.com<\/p>\n","protected":false},"author":541,"featured_media":477609,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[142,51066,428,1119,14040],"class_list":["post-477601","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-altcoins","tag-alts","tag-bitcoin","tag-btc","tag-institutional-investors"],"acf":[],"yoast_head":"\n<title>Report Shows Institutional Investors Are Abandoning Bitcoin For Altcoins<\/title>\n<meta name=\"description\" content=\"Institutional investors have been increasing their bets in Bitcoin for a while now.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality. Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best\u2019s publications, which are always clear and concise, enabling easy reading and understanding for all. Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best\u2019s prolific career in the media industry is a testament of how hard work and dedication pays.","sameAs":["https:\/\/www.linkedin.com\/in\/best-owie-41a150178\/","https:\/\/x.com\/https:\/\/twitter.com\/BestOwie"],"url":"https:\/\/wncen.com\/author\/owiebest\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Report Shows Institutional Investors Are Abandoning Bitcoin For Altcoins","url":"http:\/\/wncen.com\/news\/report-shows-institutional-investors-are-abandoning-bitcoin-for-altcoins\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/report-shows-institutional-investors-are-abandoning-bitcoin-for-altcoins\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/11\/exiting.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/11\/exiting.png?fit=900%2C506"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Best Owie"}],"creator":["Best Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["altcoins","alts","bitcoin","btc","institutional investors"],"dateCreated":"2021-11-29T20:30:24Z","datePublished":"2021-11-29T20:30:24Z","dateModified":"2024-06-11T06:48:41Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Report Shows Institutional Investors Are Abandoning Bitcoin For Altcoins\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/report-shows-institutional-investors-are-abandoning-bitcoin-for-altcoins\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/report-shows-institutional-investors-are-abandoning-bitcoin-for-altcoins\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/11\\\/exiting.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/11\\\/exiting.png?fit=900%2C506\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Best Owie\"}],\"creator\":[\"Best Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"altcoins\",\"alts\",\"bitcoin\",\"btc\",\"institutional investors\"],\"dateCreated\":\"2021-11-29T20:30:24Z\",\"datePublished\":\"2021-11-29T20:30:24Z\",\"dateModified\":\"2024-06-11T06:48:41Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/11\/exiting.png?fit=900%2C506","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/477601","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/541"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=477601"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/477601\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/477609"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=477601"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=477601"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=477601"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}