WASHINGTON (dpa-AFX) - Cryptocurrencies plunged in the past 24 hours amidst fresh data that showed massive outflows from digital asset investment products persisting over the course of the past week.
The CoinShares' Digital Asset Fund Flows Weekly report showed outflows of $584 million during the week ended June 21 as compared with outflows of $600 million during the week ended June 15. Year-to-date flows dropped to $15.95 billion whereas cumulative AUM declined to $92.2 billion.
Fading rate cut expectations, stronger-than-expected PMI data from the U.S., as well as the resurgence of the U.S. dollar contributed to the outflows.
Data from U.S. released on Friday by S&P Global showed Manufacturing PMI in June unexpectedly edging up to 51.7 from 51.3 in May versus market expectations of 51. The Services PMI which was seen declining to 53.7 from 54.8 in the previous month unexpectedly jumped to 55.1.
The upbeat readings reinforced the view that the Fed indeed had sufficient room to keep interest rates at the current high level for a longer period than expected. In this backdrop, overall crypto market capitalization has now dropped to $2.25 trillion from $2.34 trillion a day earlier.
At its current trading price of $61,423.27, which is 17 percent below the all-time high, Bitcoin has slipped 4.4 percent overnight and 6.1 percent in the past week. Year-to-date gains have fallen to 45 percent. The top-ranked cryptocurrency ranged between $64,273.75 and $60,853.70 in the past 24 hours.
Ethereum which is trading at $3,321.87, around 32 percent below its all-time high has slipped 4.8 percent overnight and 5.5 percent in the past week. Year-to-date gains have fallen to 45 percent. The top-ranked altcoin ranged between $3,496.29 and $3,276.46 in the past 24 hours.
With a market capitalization of $1.2 trillion, Bitcoin dominates 53.8 percent of the overall crypto market. Ethereum which enjoys a market cap of $406 billion follows with a market share of 18.1 percent. Market capitalization of stablecoins aggregates to $163 billion, implying an overall market share of 7.25 percent.
According to the CoinShares' Digital Asset Fund Flows Weekly report, Bitcoin products that recorded weekly outflows of $630 million constituted bulk of the flows. Ethereum-based products also recorded outflows of $58.3 million. Short Bitcoin products recorded outflows of $1.2 million. Multi-asset products received inflows of $98.3 million followed by Solana-based products that recorded inflows of $2.7 million.
Of the cumulative AUM of $92.2 billion, more than 76 percent is attributed to Bitcoin products that account for an AUM of $70.7 billion. Bitcoin's dominance of crypto market is much lower, at around 54 percent. AUM of Ethereum products stood at $14.8 billion. Multi-asset portfolios command assets under management of $4.4 billion. An AUM of $1.1 billion is attributed to Solana-based products and $590 million to Binance-based products.
The provider-wise analysis of flows inter alia shows outflows of $271 million from Fidelity ETF. Grayscale Investments recorded outflows of $150 million followed by Ark 21 Shares that recorded outflows of $79 million.
Though year-to-date outflows exceed $18.2 billion, Grayscale Investments still accounts for an AUM of $29.3 billion, which is more than 31 percent of the cumulative AUM of $92.2 billion. iShares commands an AUM of $20 billion, followed by Fidelity that has mobilized assets under management to the tune of $10.7 billion.
The country-wise analysis shows weekly outflows of $475 million from United States. Flows from Canada stood at $109 million followed by Germany with outflows of $23.8 million and Hong Kong with outflows of $19.3 million.
Of the cumulative AUM of $92.2 billion, $72.4 billion or 78 percent is in United States. Canada and Switzerland follow with AUM of $4.6 billion. Germany accounts for an AUM of $4 billion followed by Sweden with an AUM of $3.3 billion.
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