WASHINGTON (dpa-AFX) - Crypto market volatility increased as world markets brace for the keenly watched U.S. presidential elections. The election uncertainty gripped the digital asset investment products as well, with both Bitcoin Spot ETFs and Ethereum Spot ETFs in the U.S., both recording a spike in outflows on Monday.
Bitcoin edged up 0.3 percent overnight to trade at $68,842.43, around 7 percent below the all-time high. The original cryptocurrency had touched a high of $69,202 and a low of $66,803 in the past 24 hours. Weekly losses are at 3.4 percent whereas gains over the 30-day horizon are close to 11 percent. Gains in 2024 are at 62.8 percent.
Data from Farside Investors showed outflows from Bitcoin Spot ETF products in the U.S rising to $541 million from $55 million on Friday.
Fidelity Wise Origin Bitcoin Fund (FBTC) topped with outflows of $170 million. Ark 21Shares Bitcoin ETF (ARKB) followed with outflows of $138 million. Grayscale Bitcoin Mini Trust (BTC) saw outflows of $90 million whereas Bitwise Bitcoin ETF (BITB) witnessed outflows of $80 million. For ARKB, BTC and BITB the outflows were at an all-time high. iShares Bitcoin Trust (IBIT) however resisted the bearish trend, registering inflows of $38 million.
Ethereum slipped 0.63 percent in the past 24 hours to trade at $2440.12, around 50 percent below the previous peak. Weekly losses are at 7 percent. Gains over the 30-day horizon are at 0.68 percent whereas year-to-date gains are a little less than 7 percent.
Data from Farside Investors on Ethereum Spot ETF products in the U.S. showed net outflows of $63 million on Monday as compared with $11 million on Friday.
4th ranked BNB (BNB) gained 0.4 percent overnight, restricting weekly losses to 7.6 percent at its current trading price of $560.29.
5th ranked Solana (SOL) added half a percent overnight, decreasing weekly losses to 10.4 percent. SOL is currently trading at $162.27.
7th ranked XRP (XRP) has added 0.72 percent overnight to trade at $0.5116. The cryptocurrency issued by Ripple Labs is however saddled with losses of 16.8 percent on a year-to-date basis.
8th ranked Dogecoin (DOGE) leaped almost 11 percent overnight to trade at $0.1678. DOGE has added 1.8 percent in the past week and close to 88 percent in 2024. DOGE is also the highest ranking non-stablecoin cryptocurrency to trade with weekly gains.
9th ranked TRON (TRX) shed 1.8 percent overnight to trade at $0.1622.
10th ranked Toncoin (TON) dropped 5.8 percent overnight. TON is currently trading at $4.56.
82nd ranked Mog Coin (MOG) topped overnight gains with a surge of more than 13 percent.
52nd ranked THORChain (RUNE) that has declined 8.4 percent is the greatest laggard on an overnight basis. 89th ranked Pendle (PENDLE) followed with losses of more than 5.5 percent.
Though election euphoria has ebbed just ahead of the elections, it was at its peak in the previous week. The frenzy fueled by hopes of a pro-crypto regime in the U.S. triggered a massive spike in inflows to digital asset investment products. The CoinShares' Digital Asset Fund Flows Weekly report showed inflows of $2.2 billion during the week ended November 2, versus $901 million during the week ended October 25. Year-to-date flows have increased to $29.2 billion, a new record. According to the report, Bitcoin topped flows by asset, iShares ETF topped flows by provider and United States topped flows by country during the past week.
Bitcoin-based products dominated with inflows of $2.2 billion. Ethereum-based products recorded inflows of $9.5 million whereas Short Bitcoin products recorded inflows of $8.9 million. Solana followed with inflows of $5.7 million. Multi-asset products however recorded outflows of $3.1 million.
Close to 82 percent of the cumulative AUM of $102.2 billion is attributed to Bitcoin products that account for an AUM of $83.7 billion. Bitcoin's dominance of crypto market is much lower, at around 60 percent.
AUM of Ethereum products stood at $10.2 billion. Multi-asset portfolios command assets under management of $5.6 billion. An AUM of $1.4 billion is attributed to Solana-based products and $575 million to Binance-based products.
The provider-wise analysis of flows inter alia shows inflows of $2.2 billion to iShares ETF followed by $90 million to Fidelity ETF and $11 million to 21Shares. Grayscale Investments recorded outflows of $116 million followed by Ark 21Shares that recorded outflows of $39 million and Purpose Investments that saw outflows of $26 million.
iShares ETF tops with a cumulative AUM of $31.1 billion implying a share of more than 30 percent. Though year-to-date outflows are almost $19.8 billion, Grayscale Investments still accounts for an AUM of $21.3 billion, which is 20.8 percent of the cumulative AUM of $102.2 billion. Fidelity commands an AUM of $12.9 billion, followed by ARK 21Shares and 21Shares that have both mobilized assets under management of more than $3.3 billion.
The top 3 viz iShares, Grayscale Investments and Fidelity account for more than 63.9 percent of the total AUM.
The country-wise analysis shows weekly inflows of $2.2 billion to United States.
Germany recorded inflows of $5.1 million followed by Australia that recorded inflows of $2.1 million.
Canada topped outflows with $24.4 million followed by Sweden that recorded outflows of $20.3 million.
2024 has been a super year for digital asset investment products with inflows of $29.24 billion. The Bitcoin ETF frenzy boosted inflows to the United States which has seen year-to-date flows of $29.26 billion. Switzerland has recorded inflows of $578 million followed by Hong Kong with inflows of $326 million and Brazil with inflows of $201 million. Canada, Germany and Sweden have recorded negative flows over the year-to-date period.
Of the cumulative AUM of $102.2 billion, $78.03 billion or 76.4 percent is in United States. Switzerland follows with AUM of $5.3 billion whereas Canada accounts for an AUM of $4.6 billion. Germany accounts for an AUM of $4 billion followed by Sweden with an AUM of $3.0 billion.
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