WASHINGTON (dpa-AFX) - Crypto market sentiment turned weak as markets assessed the impact of stringent trade tariffs proposed by President-elect Donald Trump. Anxiety ahead of the release of the FOMC minutes, large outflows from Bitcoin Spot ETF products in the U.S. as well as profit-taking that followed the massive spike in prices, contributed to the erosion in crypto prices.
Overall crypto market capitalization has dropped 6.5 percent overnight and is currently at $3.15 trillion.
Bitcoin slipped 4.9 percent overnight to trade at $92,627.25, around 5 percent below the all-time high. The original cryptocurrency traded between $97,987.56 and $91,463.37 in the past 24 hours. Weekly gains are almost eroded whereas gains over the 30-day horizon are close to 37 percent. Gains in 2024 have reduced to 119 percent.
Data from Farside Investors showed outflows of $435 million from Bitcoin Spot ETF products in the U.S on Monday versus inflows of $490 million on Friday.
Ethereum slipped 3.9 percent in the past 24 hours to trade at $3,329.92, around 32 percent below the previous peak. Weekly gains are at 6.7 percent. Gains over the 30-day horizon are at 34.4 percent whereas year-to-date gains are a little less than 46 percent.
Data from Farside Investors on Ethereum Spot ETF products in the U.S. showed net inflows of $2.9 million on Monday as compared with inflows of $91.3 million on Friday.
4th ranked Solana (SOL) tumbled 8.5 percent overnight and 6.8 percent in the past week to trade at $228.25.
5th ranked BNB (BNB) slipped 5.6 percent overnight but is holding on to gains of half a percent in the past week. BNB is currently trading at $621.47.
6th ranked XRP (XRP) has tumbled 7.9 percent overnight to trade at $1.34. The cryptocurrency issued by Ripple Labs is however holding on to gains of more than 21 percent in the past week. Gains exceed 117 percent on a year-to-date basis.
7th ranked Dogecoin (DOGE) too dropped 10.6 percent overnight to trade at $0.3744. DOGE has lost 6.5 percent in the past week but has added more than 318 percent in 2024.
9th ranked Cardano (ADA) plunged 11.95 percent overnight to trade at $0.9047. ADA is currently trading 71 percent below the record high till date.
10th ranked Avalanche (AVAX) shed 8.7 percent overnight to trade at $ 41.27. AVAX has gained 17.3 percent in the past week. The current trading price is 72 percent below the cryptocurrency's all-time high.
46th ranked Fantom (FTM) topped overnight gains with a surge of more than 10 percent.
50th ranked Sei (SEI) followed with gains of close to 4 percent.
65th ranked The Sandbox (SAND) that has declined 18.5 percent is the greatest laggard on an overnight basis. 97th ranked Mog Coin (MOG), 84th ranked Decentraland (MANA) and 14th ranked Stellar (XLM) have all declined more than 14 percent.
Meanwhile, as Bitcoin braced for the $100,000 level, digital asset investment products too recorded a massive jump in inflows. The CoinShares' Digital Asset Fund Flows Weekly report showed record inflows of $3.1 billion during the week ended November 23 versus $2.2 billion during the week ended November 16 and $1.98 billion during the week ended November 8. Year-to-date flows have increased to record high of $37 billion. 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 $3.08 billion. Solana -based products recorded inflows of $16.2 million followed by XRP-based products that saw inflows of $15.2 million. Short Bitcoin products also recorded inflows of $10.4 million. Ethereum-based products recorded inflows of $2.8 million whereas multi-asset products recorded outflows of $10.5 million.
More than 83 percent of the cumulative AUM of $153.3 billion is attributed to Bitcoin products that account for an AUM of $128.03 billion. Bitcoin's dominance of crypto market is much lower, at less than 60 percent.
AUM of Ethereum products stood at $14.3 billion. Multi-asset portfolios command assets under management of $6.98 billion. An AUM of $2.2 billion is attributed to Solana-based products and $618 million to Binance-based products.
The provider-wise analysis of flows inter alia shows inflows of $2.1 billion to iShares ETF. Fidelity ETF followed with inflows of $773 million whereas Ark 21Shares recorded inflows of $301 million. Bitwise ETF also received flows of $154 million. Grayscale Investments recorded outflows of $155 million whereas CoinShares XBT recorded outflows of $88 million.
iShares ETF tops with a cumulative AUM of $50.95 billion implying a share of close to 33 percent. Though year-to-date outflows exceed $20 billion, Grayscale Investments still accounts for an AUM of $29.5 billion, which is 19.2 percent of the cumulative AUM of $153.3 billion. Fidelity commands an AUM of $19.75 billion followed by ARK 21Shares that has an AUM of $4.96 billion.
The top 3 viz iShares, Grayscale Investments and Fidelity account for more than 65.3 percent of the total AUM.
The country-wise analysis shows weekly inflows of $3.21 billion to United States. Canada and Hong Kong recorded inflows of close to $30 million.
Sweden topped outflows with $84.1 million followed by Germany that recorded outflows of $39.8 million.
2024 has been a bountiful year for digital asset investment products with inflows of $37 billion. Bitcoin ETF frenzy and expectations of a pro-crypto regulatory regime have boosted inflows to the United States which has seen year-to-date inflows of $37.02 billion. Switzerland has recorded inflows of $662 million followed by Hong Kong with inflows of $382 million and Brazil with inflows of $179 million. Sweden, Canada and Germany have recorded negative flows over the year-to-date period.
Of the cumulative AUM of $153.3 billion, $119.8 billion or 78.1 percent is in United States. Switzerland follows with AUM of $7.3 billion whereas Canada accounts for an AUM of $6.5 billion. Germany accounts for an AUM of $5.7 billion followed by Sweden with an AUM of $4.1 billion.
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