WASHINGTON (dpa-AFX) - Cryptocurrencies slipped close to a percent in the past 24 hours amidst concerns of a missive Bitcoin dump in connection with the defunct Mt. Gox Bitcoin exchange. Anxiety ahead of the PCE inflation readings due on Friday from the U.S. also weighed on sentiment.
Mt.Gox, a Japan-based Bitcoin exchange that ceased operations in 2014 and commenced liquidation proceedings is reportedly returning a large amount of Bitcoin to its creditors and fears of these being offloaded in the market weighed on crypto market sentiment.
Overall crypto market capitalization is steady at $2.55 trillion versus $2.59 trillion a day earlier.
Bitcoin has slipped 1.7 percent overnight to trade at $67,751.74, around 8 percent below the all-time high. The 24-hour trading range was between $70,597.88 and $67,450.99.
Ethereum shed more than 2 percent in the past 24 hours to trade at $3,856.63, almost 21 percent below the all-time high. Ether touched a high of $3,973.56 and a low of $3,821.06 in the past 24 hours.
4th ranked BNB (BNB) declined 1.2 percent overnight and its current price is $596.82. 5th ranked Solana (SOL) however gained 0.7 percent overnight and is trading at $169.08. 7th ranked XRP (XRP) slipped 0.97 percent overnight to change hands at $0.5276. XRP has shed 14.2 percent in 2024. It is the highest-ranking crypto to trade with year-to-date losses. 8th ranked Dogecoin (DOGE) shed 4.3 percent overnight. The highest-ranking meme crypto is currently being traded at $0.1624. 9th ranked Toncoin (TON) declined 2.1 percent in the past 24 hours to trade at $6.36. Cardano (ADA) ranked 10th overall declined 2.6 percent in the past 24 hours to trade at $0.4546.
95th ranked Notcoin (NOT) topped overnight gains with a surge of 25.7 percent. 56th ranked Celestia (TIA) also rallied more than 15 percent in the past 24 hours.
82nd ranked Wormhole (W) and 55th ranked Lido DAO (LDO) erased more than 6 percent in the past 24 hours.
Meanwhile, the CoinShares' Digital Asset Fund Flows Weekly report showed an inflow of $1.05 billion for the week ended May 25 versus $932 million for the week ended May 17. Year-to-date flows increased to $14.9 billion whereas cumulative AUM increased to $98.4 billion.
Bitcoin products that recorded weekly inflows of more than $1 billion constituted bulk of the flows. Ethereum-based products recorded inflows of $35.5 million. Solana-based products also recorded inflows of $8 million.
Of the cumulative AUM of $98.4 billion, close to 77 percent is attributed to Bitcoin products that account for an AUM of $75.5 billion. Bitcoin's dominance of crypto market is much lower, at around 52 percent. AUM of Ethereum products stood at $15.7 billion. Multi-asset portfolios command assets under management of $4.5 billion. An AUM of $1.4 billion is attributed to Solana-based products and $602 million to Binance-based products.
The provider-wise analysis of flows inter alia shows inflows of $719 million to iShares ETF followed by $227 million to Fidelity ETF. Ark 21 Shares. recorded inflows of $78 million followed by 21 Shares that recorded inflows of $46 million and Bitwise ETF that witnessed inflows of $30 million.
Despite the massive cumulative outflows recorded since the Bitcoin Spot ETF approval by the SEC, Grayscale Investments received inflows of $18 million in the past week. Though year-to-date outflows exceed $17.6 billion, it still accounts for an AUM of $32.3 billion, which is more than 32.8 percent of the cumulative AUM of $98.4 billion. iShares commands an AUM of $19.8 billion, followed by Fidelity that has mobilized assets under management to the tune of $11.1 billion.
The country-wise analysis shows weekly inflows of $1.03 billion to United States. Flows to Switzerland stood at $47.6 million and to Germany at 29.9 million. Hong Kong recorded outflows of $28.6 million, followed by Sweden that witnessed outflows of $24.6 million.
Of the cumulative AUM of $98.4 billion, $77.2 billion or 78.5 percent is in United States. Canada and Switzerland follow with AUM of more than $5 billion. Germany accounts for an AUM of $4.3 billion followed by Sweden with an AUM of $3.6 billion.
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