WASHINGTON (dpa-AFX) - Cryptocurrencies declined in the past 24 hours as markets grappled with the LIBRA token scandal and the outflows from digital asset investment products. The hardening in bond yields amidst the volatile trade tariff environment as well as the uncertain monetary policy outlook also weighed on sentiment.
Crypto markets have been impacted by the collapse of the LIBRA token, a Solana-based meme coin endorsed by Argentine President Javier Milei. The team behind the private project that launched the token had claimed that it would be dedicated to encouraging the growth of the Argentine economy by funding small Argentine businesses and startups. The token's price soared to $1.03 and collapsed to $0.123 in a matter of a few hours causing heavy losses for investors.
The CoinShares' Digital Asset Fund Flows Weekly report for the week ended February 14 showed net outflows of $415 million from digital asset investment products. Hawkish Fed rhetoric and the hotter-than-expected CPI data contributed to the withdrawals. The previous week had recorded net inflows of $1.3 billion.
Overall crypto market capitalization has decreased 1.3 percent overnight to $3.17 trillion. Trading volume over the 24-hour period however increased 28 percent to $98 billion.
15th ranked Litecoin (LTC) is the highest-ranking non-stablecoin crypto to trade with gains on an overnight basis. LTC has gained 2.6 percent overnight.
BTC has slipped 0.17 percent overnight to trade at $96,192.33, around 12 percent below the all-time high. BTC is grappling with losses of close to 1 percent in the past week. The leading cryptocurrency touched a high of $97,032.24 and a low of $95,118.38 in the past 24 hours.
Ethereum dropped 2.8 percent in the past 24 hours to trade at $2,700.03 around 45 percent below the previous peak recorded in November 2021. Weekly gains however exceed 2 percent. Ether traded between $2,848.78 and $2,654.51 in the past 24 hours.
Bitcoin is now ranked 7th and Ethereum 35th in the global ranking of all assets as per market capitalization published by companiesmarketcap.com.
3rd ranked XRP (XRP) slipped 2.5 percent overnight to trade at $2.61, around 32 percent below the all-time high touched in January 2018. The cryptocurrency's weekly gains however exceed 6.3 percent.
5th ranked BNB (BNB) lost 2.4 percent overnight at its current trading price of $659.68. BNB is currently trading 17 percent below the all-time high.
The price of 6th ranked Solana (SOL) plunged 8.4 percent overnight. With weekly losses of more than 14.8 percent, SOL is currently trading at $169.80, around 42 percent below its record high.
8th ranked Dogecoin (DOGE) also erased 4.1 percent overnight to trade at $0.2537. Having shed 1.6 percent in the past week, DOGE is trading 66 percent below the previous peak scaled in May 2021.
9th ranked Cardano (ADA) slipped 2.8 percent overnight to trade at $0.7897. ADA is currently trading 75 percent below the record high touched in September 2021.
10th ranked TRON (TRX) decreased 3.7 percent overnight to trade at $ 0.237. TRX has lost 3.5 percent in the past week. The trading price is 46 percent below the cryptocurrency's all-time high recorded on December 4, 2024.
76th ranked Maker (MKR) topped overnight gains with a surge of 7.8 percent. 33rd ranked Mantle (MNT) followed with gains of 7.2 percent.
50th ranked Jupiter (JUP) topped overnight losses with a decline of 12.1 percent. JUP plunged despite the Jupiter Exchange, a decentralized exchange denying any insider trading in the LIBRA token scandal. 63rd ranked Immutable (IMX) and 59th ranked Injective (INJ), both followed with losses of 11.8 percent.
Meanwhile, the CoinShares' Digital Asset Fund Flows Weekly report for the week ended February 14 showed net outflows of $415 million versus net inflows of $1.3 billion in the prior week.
Year-to-date flows stood at $6.9 billion. According to the report, Bitcoin topped flows by asset, Fidelity ETF topped flows by provider and United States topped flows by country during the past week.
Bitcoin-based products recorded outflows of $430 million followed by Ethereum-based products that saw outflows of $7.2 million. Solana-based products and XRP-based products, both witnessed inflows of more than $8 million. Sui-based products followed with inflows of $6 million.
While Bitcoin has recorded month-to-date outflows of $22 million, Ethereum has witnessed month-to-date inflows of $786 million.
More than 83 percent of the cumulative AUM of $166.3 billion is attributed to Bitcoin products that account for an AUM of $138.6 billion. Bitcoin's dominance of crypto market is much lower, at close to 60 percent. Bitcoin's AUM of $138.6 million is more than 7 percent of the original cryptocurrency's market capitalization of $1.93 trillion.
AUM of Ethereum-based products stood at $15.1 billion. Multi-asset portfolios command assets under management of $7.2 billion. An AUM of $1.9 billion is attributed to Solana-based products. XRP-based products have AUM close to $1.2 billion followed by Binance-based products with an AUM of $656 million.
The provider-wise analysis of flows inter alia shows outflows of $282 million from Fidelity ETF. ARK 21Shares recorded outflows of $163 million followed by Grayscale Investments that saw outflows of $140 million.
iShares ETF received inflows of $130 million whereas ProShares ETF recorded inflows of $52 million.
iShares ETF tops with a cumulative AUM of $61.2 billion implying a share of 36.8 percent. Grayscale Investments accounts for an AUM of $29.9 billion, which is close to 18 percent of the cumulative AUM of $166.34 billion. Fidelity commands an AUM of $20.4 billion followed by ARK 21Shares that has an AUM of $4.9 billion.
The top 3 viz iShares, Grayscale Investments and Fidelity account for more than 67 percent of the total AUM.
The country-wise analysis shows weekly outflows of $464 million from United States. Germany recorded inflows of $21 million, followed by Switzerland that recorded inflows of $12.5 million. Canada also recorded inflows of $10.2 million.
Of the cumulative AUM of $166.3 billion, $124.3 billion or 74.7 percent is in United States. Switzerland follows with AUM of $7.2 billion whereas Canada accounts for an AUM of $5.95 billion. Germany accounts for an AUM of $5.6 billion followed by Sweden with an AUM of $3.6 billion.
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