WASHINGTON (dpa-AFX) - An anxious wait to the minutes of the Federal Open Markets Committee that surprised markets with a 50-basis points cut and the scheduled release of CPI and PPI readings from the U.S kept crypto markets on tenterhooks early on Tuesday. The FOMC Minutes is due on Wednesday followed by the CPI data on Thursday and the PPI data on Friday.
A sharp drop in the rate cut expectations after the superb jobs report on Friday weighed on crypto market sentiment. The CME FedWatch tool shows expectations of a pause by the Fed at 13 percent and of a quarter-point cut at 87 percent. Amidst the repricing of rate cut expectations, overall crypto market capitalization has fallen to $2.16 trillion from $2.20 trillion a day earlier.
Bitcoin slipped half a percent overnight to trade at $62,710.60, around 15 percent below the all-time high. BTC has shed 0.80 percent in the past week while holding on to gains of more than 48 percent in 2024. The original cryptocurrency traded between $64,443.71 and $62,024.60 in the past 24 hours.
Data from Farside Investors on Bitcoin Spot ETF products in the U.S. showed a net inflow of $235 million on Monday as compared with $26 million on Friday.
Ethereum declined 1.3 percent in the past 24 hours to trade at $2,435.95, around 50 percent below the previous peak. Weekly losses exceed 6.5 percent. Gains in 2024 have decreased to close to 6.7 percent. Ether traded between $2,520.41 and $2,405.13 in the past 24 hours.
Data from Farside Investors on Ethereum Spot ETF products in the U.S. showed nil flows on Monday versus a net inflow of $7.4 million on Friday.
4th ranked BNB (BNB) added 0.5 percent overnight, clocking weekly gains of 0.3 percent at its current trading price of $575.99.
5th ranked Solana (SOL) shed 2.2 percent overnight, increasing weekly losses to 7.2 percent. SOL is currently trading at $143.77.
7th ranked XRP (XRP) has shed 2.3 percent overnight to trade at $0.529. Amidst weekly losses of 15.7 percent, the cryptocurrency issued by Ripple Labs has erased close to 14 percent on a year-to-date basis.
8th ranked Dogecoin (DOGE) slipped 3.8 percent overnight to trade at $0.1072.
9th ranked TRON (TRX) added 0.4 percent overnight but edged down 0.3 percent in the past week. TRX is currently changing hands at $0.1564.
10th ranked Toncoin (TON) slipped more than a percent overnight. TON is currently trading at $5.19.
94th ranked First Neiro On Ethereum (NEIRO), a Shiba Inu dog-themed meme coin topped overnight gains with a surge of 12.6 percent. 23rd ranked Aptos (APT) followed with overnight rally of 6.6 percent whereas 95th ranked EigenLayer (EIGEN) added more than 5 percent in the past 24 hours.
86th ranked FTX Token (FTT) is the greatest laggard with an overnight decline of close to 14 percent. 59th ranked Popcat (POPCAT) followed with overnight losses of more than 11 percent.
Meanwhile, amidst the stronger-than-expected economic data from the U.S. that reduced the likelihood of massive rate cuts by the Federal Reserve, digital asset investment products suffered reversal of flows during the past week. The CoinShares' Digital Asset Fund Flows Weekly report showed outflows of $147 million during the week ended October 4 as compared with inflows of $1.2 billion during the week ended September 27 and inflows of $321 million during the week ended September 21. Year-to-date flows have decreased to $23.5 billion. According to the report, Bitcoin topped flows by asset, Ark21Shares topped flows by provider and United States topped flows by country during the past week.
Bitcoin-based products dominated with outflows of $159 million. Ethereum-based products also recorded outflows of $28.9 million. Multi-asset products received inflows of $29.4 million. Solana-based products followed with inflows of $5.3 million whereas Short Bitcoin products got inflows of $2.8 million.
More than 80 percent of the cumulative AUM of $86.7 billion is attributed to Bitcoin products that account for an AUM of $70.2 billion. Bitcoin's dominance of crypto market is much lower, at around 57 percent. AUM of Ethereum products stood at $9.8 billion. Multi-asset portfolios command assets under management of $4.3 billion. An AUM of $1.2 billion is attributed to Solana-based products and $545 million to Binance-based products.
The provider-wise analysis of flows inter alia shows outflows of $207 million from Ark 21Shares. Fidelity ETF recorded outflows of $139 million followed by Grayscale Investments that recorded outflows of $112 million.
iShares ETF however recorded inflows of $191 million.
iShares ETF tops with a cumulative AUM of $23.9 billion implying a share of 27.6 percent. Though year-to-date outflows are more than $19.6 billion, Grayscale Investments still accounts for an AUM of $19.7 billion, which is 22.7 percent of the cumulative AUM of $86.7 billion. Fidelity commands an AUM of $11.1 billion, followed by ARK 21Shares and 21Shares that have both mobilized assets under management to the tune of $3 billion. The top 3 viz iShares, Grayscale Investments and Fidelity account for more than 63 percent of the total AUM.
The country-wise analysis shows weekly outflows of $209 million from United States. Canada recorded inflows of $43 million followed by Switzerland that received inflows of $34.9 million.
Of the cumulative AUM of $86.7 billion, $65.6 billion or 75.6 percent is in United States. Switzerland follows with AUM of $4.7 billion whereas Canada accounts for an AUM of $4.3 billion. Germany accounts for an AUM of $3.6 billion followed by Sweden with an AUM of $2.7 billion.
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