The post Here’s how the crypto-market fared in November appeared on BitcoinEthereumNews.com.

The AUM for institutional crypto products climbed by 14.1% to $43.3 billion. GBTC’s discount to underlying Bitcoin dropped to its lowest level since August 2021. Building on its bullish rally that started mid-October, Bitcoin [BTC] pushed further to the north by more than 10% in November, leading many experts to declare the ongoing phase as the early stage of a crypto bull market. During the month, the king coin reclaimed levels last seen just before the onset of the bear market. As of this writing, it was exchanging hands at $38,016, AMBCrypto found out using CoinMarketCap’s data. Institutional interest in cryptos on the rise The bullish momentum continued to attract the attention of institutional investors. According to crypto market data provider CCData, the average daily volume of digital asset investment products jumped 35.3% to $481 million. This was the highest registered monthly volume in 2023 since March. Source: CCData Moreover, the total assets under management (AUM) for institutional crypto products climbed by 14.1% to $43.3 billion, a significantly higher growth rate when compared to the previous month. In fact, the total AUM since the start of 2023 has more than doubled. Source: CCData The AUM is a measure of the flow of investor money in and out of a fund and the price performance of the underlying asset. As you would hear everyone in the market say these days, the institutional interest was linked to the hype spot exchange-traded funds (ETFs) of both Bitcoin and Ethereum [ETH]. Leading investment products witness rise in AUM For Bitcoin, the optimism was hinging on the potential approval of at least a dozen submitted applications. On the other hand, the number of TradFi giants applying for a spot Ether ETF also increased significantly in November. Indeed, big names like Blackrock and Fidelity filed spot Ether ETF…

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Filed under: News - @ November 30, 2023 5:26 pm