About $19.6 billion were withdrawn from major crypto funds in November due to the cryptocurrency crash and the failure of the FTX exchange, The Wall Street Journal reported.
According to a report by analytical firm CryptoCompare, major crypto funds lost 14.5% of the fund managers’ total assets under management (AUM), bringing their collective AUM to the lowest level since December 2020. Bitcoin and Ethereum still comprise the majority of assets held by these funds. Furthermore, fund managers also invest in exchange traded products and other financial instruments.
Of the 20 funds tracked by CryptoCompare, 19 had a negative return in November. The only fund whose yield increased in the previous month was the 21Shares Short BTC fund, which bets against the price of Bitcoin. The fund’s yield hit 18.2% in November.
