WASHINGTON (dpa-AFX) - Cryptocurrencies gained in the past 24 hours amidst renewed hopes of rate cut by the Fed. Stronger inflows to Bitcoin Spot ETF products in the U.S. on Friday also supported sentiment. The spike in bond yields in the U.S. however limited gains.
At its current trading price of $57,145.06, which is 23 percent below the all-time high, Bitcoin has gained almost half a percent overnight. Given the weekly losses of 8.8 percent, year-to-date gains have declined to a little over 35 percent. The top-ranked cryptocurrency ranged between $58,178.14 and $54,321.02 in the past 24 hours.
Data from Farside Investors on Bitcoin Spot ETF products in the U.S. showed a net inflow of $143 million on Friday as compared with net outflows of $21 million on Wednesday and $14 million on Tuesday.
Ethereum which is trading at $3,034.35, around 38 percent below its all-time high has gained 1.9 percent overnight. Losses of more than 12 percent over the course of the past week have restricted gains in 2024 to a little less than 33 percent. The top-ranked altcoin ranged between $3,090.66 and $2,826.48 in the past 24 hours.
With a market capitalization of $1.1 trillion, Bitcoin dominates 53.5 percent of the overall crypto market. Ethereum which enjoys a market cap of $365 billion follows with a market share of 17.3 percent. Market capitalization of stablecoins aggregates to $164 billion, implying an overall market share of 7.8 percent.
The massive decline in cryptocurrency prices over the past week triggered huge inflows to digital asset investment products. CoinShares' Digital Asset Fund Flows Weekly report showed inflows of $441 million during the week ended July 5 as compared with outflows of $30 million during the week ended June 29. Year-to-date flows increased to $16.4 billion whereas cumulative AUM declined to $81 billion.
Bitcoin-based products that recorded weekly inflows of $398 million constituted bulk of the inflows. Solana-based products recorded inflows of $16.3 million. Ethereum-based products recorded inflows of $10 million. Multi-asset products also received inflows of $12.8 million.
More than 76 percent of the cumulative AUM of $81 billion is attributed to Bitcoin products that account for an AUM of $62 billion. Bitcoin's dominance of crypto market is much lower, at around 54 percent. AUM of Ethereum products stood at $12.5 billion. Multi-asset portfolios command assets under management of $4.1 billion. An AUM of $1.1 billion is attributed to Solana-based products and $494 million to Binance-based products.
The provider-wise analysis of flows inter alia shows inflows of $194 million to Fidelity ETF. Bitwise recorded inflows of $65 million followed by Ark 21 Shares that recorded inflows of $26 million. iShares ETF and 21Shares, both recorded inflows of $14 million. Outflows of $87 million was recorded from Grayscale Investments.
Though year-to-date outflows exceed $18.5 billion, Grayscale Investments still accounts for an AUM of $25.2 billion, which is more than 30 percent of the cumulative AUM of $81 billion. iShares commands an AUM of $17 billion, followed by Fidelity that has mobilized assets under management to the tune of $9.7 billion.
The country-wise analysis shows weekly inflows of $384 million to United States and $32 million to Hong Kong. Switzerland follows with inflows of $23.8 million. Brazil and Canada also recorded inflows of more than $10 million. Outflows from Germany stood at $22.7 million.
Of the cumulative AUM of $81 billion, $63.5 billion or 78 percent is in United States. Canada and Switzerland follow with AUM close to $4.1 billion. Germany accounts for an AUM of $3.5 billion followed by Sweden with an AUM of $2.8 billion.
For More Cryptocurrency News, visit rttnews.com
Copyright(c) 2024 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2024 AFX News
