WASHINGTON (dpa-AFX) - Cryptocurrencies gained in the past 24 hours in the aftermath of the assassination attempt on Donald Trump. Market perception that the event raised the odds of pro-crypto Trump winning the Presidential election boosted crypto market sentiment. Data showing massive inflows to digital asset investment products over the past week also supported sentiment for cryptocurrencies.
Overall crypto market capitalization has increased to $2.3 trillion versus $2.19 trillion, a day earlier.
Bitcoin touched a high of $63,218 earlier in the trade. At its current trading price of $62,930, which is 15 percent below the all-time high, Bitcoin has gained 5.4 percent overnight. Given the weekly gains of 11.6 percent, year-to-date gains have increased to close to 49 percent.
Data from Farside Investors on Bitcoin Spot ETF products in the U.S. that showed a net inflow of $310 million on Friday as compared with net inflows of $79 million a day earlier also supported sentiment.
Ethereum which is trading at $3,362.25, around 31 percent below its all-time high has surged 5.5 percent overnight. Addition of more than 11 percent over the course of the past week has lifted gains in 2024 to more than 47 percent. The top-ranked altcoin ranged between $3,373 and $3,179 in the past 24 hours.
With a market capitalization of $1.24 trillion, Bitcoin dominates 53.8 percent of the overall crypto market. Ethereum which enjoys a market cap of $404 billion follows with a market share of 17.5 percent. Market capitalization of stablecoins aggregates to $164 billion, implying an overall market share of 7.1 percent.
4th ranked BNB (BNB), 5th ranked Solana (SOL) and 9th ranked Dogecoin (DOGE) have all gained more than 5 percent in the past 24 hours. 5th ranked Solana (SOL) is the highest-ranking crypto to trade with gains over the past 30 days.
7th ranked XRP (XRP) is the highest ranked crypto among the top 100 to trade with overnight as well as year-to-date losses.
Meanwhile, huge inflows to digital asset investment products were witnessed during the past week amidst weakness in the price of cryptocurrencies. The CoinShares' Digital Asset Fund Flows Weekly report showed inflows of $1.4 billion during the week ended July 13 as compared with inflows of $441 million during the week ended July 5. Year-to-date flows increased to $17.8 billion whereas cumulative AUM increased to $84.7 billion. The renewed support for digital assets lifted crypto market sentiment.
Bitcoin-based products that recorded weekly inflows of $1.3 billion constituted bulk of the inflows. Ethereum-based products recorded inflows of $72 million as markets wait for the imminent approval of Ethereum Spot ETF products. Multi-asset products received inflows of $17.2 million. Solana-based products also recorded inflows of $4.4 million.
More than 76 percent of the cumulative AUM of $84.7 billion is attributed to Bitcoin products that account for an AUM of $65 billion. Bitcoin's dominance of crypto market is much lower, at around 54 percent. AUM of Ethereum products stood at $13 billion. Multi-asset portfolios command assets under management of $4.2 billion. An AUM of $1.1 billion is attributed to Solana-based products and $534 million to Binance-based products.
The provider-wise analysis of flows inter alia shows inflows of $523 million to iShares ETF followed by $358 million to Fidelity ETF. Ark 21 Shares recorded inflows of $75 million. 21Shares and Bitwise, both recorded inflows of more than $45 million. Outflows of $34 million were recorded from Grayscale Investments.
Though year-to-date outflows exceed $18.5 billion, Grayscale Investments still accounts for an AUM of $25.9 billion, which is more than 30 percent of the cumulative AUM of $84.7 billion. iShares commands an AUM of $18 billion, followed by Fidelity that has mobilized assets under management to the tune of $10.2 billion.
The country-wise analysis shows weekly inflows of $1.3 billion to United States. Hong Kong and Switzerland, both recorded inflows of more than $54 million. Canada also recorded inflows of more than $24 million.
Of the cumulative AUM of $84.7 billion, $66.5 billion or 85 percent is in United States. Canada and Switzerland follow with AUM of close to $4.2 billion. Germany accounts for an AUM of $3.6 billion followed by Sweden with an AUM of $2.9 billion.
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