According to various reports, Bitcoin’s AUM or assets under management have dropped by 9.5 percent in the month of November. This was a massive drop, and a lot of BTC owners are a bit worried. What it means for the future is uncertain for a lot of people. However, experts have said that it is normal that the price went down as the holiday season is approaching. During this season, a lot of people tend to cash out so that they can enjoy their holidays to the fullest extent.
On the other hand, the assets under the management of altcoins such as Ethereum have seen a steep rise. One might think that traders are shifting from BTC to ETH, but that cannot be proved yet due to a lack of data.
The Possibilities
It could be that ETH might finally overtake BTC and become the main crypto coin in the market. However, that is very unlikely due to the reputation of BTC in the market. What’s more likely is that many people are cashing out from BTC to spend during holiday times. On the other hand, Bullish investors are investing in ETH during these times, where prices tend to drop. There are various other nuances to these dynamics too, but most experts have narrowed it down to these two points.
The Conclusion
The advice that is circulating all over the internet for most BTC holders is that they should hold on for dear life and hope for the best.
