When FTX collapsed into chaos and bankruptcy in November, crypto investors fled to wherever they could. According to research firm CryptoCompare, investors withdrew $19.6 billion from crypto-fund asset managers such as Grayscale Investments, CoinShares International Ltd., and others in November. This amounted to 14.5% of the fund managers’ total assets under management, bringing their total AUM to its lowest point since December 2020. Grayscale is by far the largest provider of these products, accounting for 75.5% of the industry’s total assets under management ($14.7 billion). AUM for these firms is down 55% year to date.