The market capitalization of digital asset management companies has sharply declined from $176 billion in July to $99 billion, as reported on November 21st. This drop coincides with a broader downturn in the crypto market, which has seen the total cryptocurrency market cap fall below $2.9 trillion for the first time since May. The value of equity and corporate cryptocurrency holdings by these firms has also decreased significantly, from $141 billion in early October to $104 billion currently. Analysts attribute these declines to increased ETF outflows and ongoing macroeconomic uncertainties.