It’s been just revealed that Bitcoin-based investment products are seeing some pretty strong competition these days for altcoin-based products.
This is what crypto data company CryptoCompare revealed recently.
The latest reports from CryptoCompare are out
The crypto data firm explained that the investment products based on Litecoin (LTC) and smart contract blockchain Solana (SOL) had better returns than those based on BTC over the 30-day period leading to November 19th.
“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.”
The online publication the Daily Hodl notes that CryptoCompare says Bitcoin-based investment products recorded losses over the same period while products based on Ethereum and Solana registered profits.
“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 [Exchange-Traded Notes] experienced the largest gain at 22%…”
The very same notes also revealed that the level of assets under management (AUM) for Bitcoin saw a significant drop on a month-on-month basis while the AUM for other crypto assets surged.
“Bitcoin AUM fell 9.5% to $48.7 billion in November, its largest month-on-month pullback since July. Meanwhile, Ethereum and other cryptocurrency products saw their AUM rise 5.4% to $16.6 billion and 10.4% to $2.6 billion, respectively.”
Bitcoin adoption intensifies
The mass adoption of Bitcoin continues despite the multiple corrections that the digital asset has been seeing lately.
Check out the latest report coming from Cointelegraph about this exciting move that has been made.
It’s been reported that Fintonia Group, a Singapore-based fund manager regulated by the Monetary Authority of Singapore (MAS), has launched two institutional-grade Bitcoin (BTC) funds.
The new funds are the Fintonia Bitcoin Physical Fund and the Fintonia Secured Yield Fund.
This is what Fintonia announced on Thursday.
“The funds are live and investors can subscribe and redeem regularly as they are open-ended funds, similar to a mutual fund. The funds are only available for accredited Investors.”
Keep your eyes on the market to see where the prices of the digital assets are going.