WASHINGTON (dpa-AFX) - Cryptocurrencies slipped in the past 24 hours amidst growing risk aversion in world markets. Risk aversion increased amidst geopolitical tensions, political uncertainly in France, reports of declaration of martial law in South Korea etc. Anxiety ahead of Federal Reserve Chair Jerome Powell's speech also weighed on sentiment.
Overall crypto market capitalization has dropped to $3.37 trillion.
Bitcoin slipped 1.7 percent overnight to trade at $94,184.51, around 5 percent below the all-time high. The original cryptocurrency traded between $97,430.70 and $93,635.35 in the past 24 hours. Weekly gains are a little more than 2 percent whereas gains over the 30-day horizon are close to 39 percent. Gains in 2024 have reduced to 122.76 percent.
Data from Farside Investors showed inflows of $354 million to Bitcoin Spot ETF products in the U.S on Monday versus inflows of $320 million on Friday.
Ethereum slipped 1.9 percent in the past 24 hours to trade at $3,558.41, around 27 percent below the previous peak. Weekly gains are at 7.3 percent. Gains over the 30-day horizon are at 46.7 percent whereas year-to-date gains are a little less than 56 percent.
Data from Farside Investors on Ethereum Spot ETF products in the U.S. showed net inflows of $24 million on Monday as compared with inflows of $333 million on Friday.
3rd ranked XRP (XRP) has rallied 2.3 percent overnight to trade at $2.49, around 35 percent below the all-time high. The cryptocurrency issued by Ripple Labs is holding on to gains of more than 84 percent in the past week. Gains exceed 305 percent on a year-to-date basis.
5th ranked Solana (SOL) slipped 2.5 percent overnight and 4.2 percent in the past week to trade at $219.43.
6th ranked BNB (BNB) slipped 0.7 percent overnight but is holding on to gains of 3.2 percent in the past week. BNB is currently trading at $633.61.
7th ranked Dogecoin (DOGE) too dropped 4.7 percent overnight to trade at $0.3994. DOGE has gained 5.8 percent in the past week and more than 346 percent in 2024.
8th ranked Cardano (ADA) rallied 8.4 percent overnight to trade at $1.19. ADA is currently trading 62 percent below the record high till date.
10th ranked Avalanche (AVAX) gained 2.7 percent overnight to trade at $ 49.62. AVAX has gained 19.4 percent in the past week. The current trading price is 66 percent below the cryptocurrency's all-time high.
66th ranked IOTA (IOTA) topped overnight gains with a surge of close to 50 percent.17th ranked Hedera (HBAR) and 58th ranked Ondo (ONDO) followed with overnight gains of more than 30 percent.
89th ranked Ethereum Name Service (ENS) that declined 11.4 percent is the greatest laggard on an overnight basis. 56th ranked Ethena (ENA) also declined more than 8 percent.
Meanwhile, the CoinShares' Digital Asset Fund Flows Weekly report showed inflows falling to $270 million during the week ended November 30 versus record inflows of $3.1 billion during the week ended November 23. Inflows were close to $2 billion in each of the previous two weeks as well.
Year-to-date flows have increased to record high of $37.3 billion. According to the report, Ethereum outperformed Bitcoin to top flows by asset. iShares ETF topped flows by provider and United States topped flows by country during the past week.
Ethereum-based products dominated with inflows of $634 million followed by XRP-based products that saw inflows of $95 million.
Bitcoin-based products recorded outflows of $457 million followed by multi-asset products that recorded outflows of $16.3 million. Solana-based products also witnessed outflows of $3.8 million.
Close to 82 percent of the cumulative AUM of $152.6 billion is attributed to Bitcoin products that account for an AUM of $125.0 billion. Bitcoin's dominance of crypto market is much lower, at less than 55 percent.
AUM of Ethereum products stood at $16.2 billion. Multi-asset portfolios command assets under management of $7.02 billion. An AUM of $2.1 billion is attributed to Solana-based products and $653 million to Binance-based products.
The provider-wise analysis of flows inter alia shows inflows of $706 million to iShares ETF. Volatility Shares Trust followed with inflows of $31 million.
Bitwise ETF topped outflows with $200 million. Grayscale Investments followed with outflows of $169 million. Ark 21Shares recorded outflows of $103 million followed by Fidelity ETF that recorded outflows of $84 million. CoinShares XBT recorded outflows of $31 million.
iShares ETF tops with a cumulative AUM of $50.93 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 $29.6 billion, which is 19.4 percent of the cumulative AUM of $152.6 billion. Fidelity commands an AUM of $19.28 billion followed by 21Shares that has an AUM of $4.86 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 $266 million to United States. Hong Kong recorded inflows of close to $39 million. Germany saw inflows of $12.3 million followed by Australia which received inflows of $9.5 million.
Switzerland topped outflows with $26.2 million followed by Sweden that recorded outflows of $16.6 million.
2024 has been a great year for digital asset investment products with inflows of $37.3 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 $37.29 billion. Switzerland has recorded inflows of $637 million followed by Hong Kong with inflows of $432 million and Brazil with inflows of $176 million. Sweden, Canada and Germany have recorded negative flows over the year-to-date period.
Of the cumulative AUM of $152.6 billion, $117.9 billion or 77.3 percent is in United States. Switzerland follows with AUM of $7.4 billion whereas Canada accounts for an AUM of $6.5 billion. Germany accounts for an AUM of $5.8 billion followed by Sweden with an AUM of $4 billion.
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