WASHINGTON (dpa-AFX) - Cryptocurrencies plunged in the past 24 hours and bitcoin dropped to levels last seen in mid-November 2024 amidst a confluence of negative factors. Crypto markets turned risk averse amidst lack of moves to implement the promised Strategic Bitcoin Reserve. The recent meme-coin fiascos involving the TRUMP and LIBRA coins as well as the massive hack in the Bybit cryptocurrency exchange dampened crypto market sentiment heavily.
The weak Servies PMI data from the U.S., the strength in the safe haven Japanese yen, caution ahead of NVIDIA earnings as well as economic data releases including PCE-based inflation and GDP due from the U.S., abetted the decline in cryptocurrencies. The persisting outflows from digital asset investment products also kept market sentiment subdued.
The CoinShares' Digital Asset Fund Flows Weekly report for the week ended February 21 had showed net outflows of $508 million from digital asset investment products. Uncertainty on tariffs and monetary policy contributed to the withdrawals. The previous week had recorded net outflows of $415 million.
As crypto markets turned into a sea of red, overall crypto market capitalization erased 6.5 percent overnight to fall to $2.9 trillion. Amidst the sell off, trading volume over the 24-hour period increased 127 percent to $199 billion.
54th ranked DeXe (DEXE) is the highest-ranking non-stablecoin crypto to trade with gains on an overnight basis. DEXE has gained 5.7 percent overnight. 64th ranked Story (IP) that rallied 14.9 percent is the only other cryptocurrency among the top 100 to trade with overnight gains of more than a percent.
BTC has slipped 7.6 percent overnight and 8.5 percent in the past week to trade at $87,630.60, around 20 percent below the all-time high. The leading cryptocurrency touched a high of $95,156.45 and a low of $86,873.15 in the past 24 hours.
Ethereum tumbled 10.6 percent in the past 24 hours and 11.5 percent in the past week to trade at $2,382.25 around 51 percent below the previous peak recorded in November 2021. Ether traded between $2,680.75 and $2,326.63 in the past 24 hours.
4th ranked XRP (XRP) slipped 10.8 percent overnight and 15.5 percent over the past 7 days to trade at $2.17, around 43 percent below the all-time high touched in January 2018. With gains of 4.7 percent, XRP is the highest-ranking cryptocurrency to trade with gains on a year-to-date basis.
5th ranked BNB (BNB) lost 4.6 percent overnight at its current trading price of $605.99. BNB is currently trading 24 percent below the all-time high.
The price of 6th ranked Solana (SOL) plunged 12.8 percent overnight. With weekly losses of more than 18 percent, SOL is currently trading at $136.09, around 54 percent below its record high.
8th ranked Dogecoin (DOGE) also lost 10.7 percent overnight to trade at $0.2020. Having shed 19.5 percent in the past week, DOGE is trading 73 percent below the previous peak scaled in May 2021.
9th ranked Cardano (ADA) slipped 10.6 percent overnight to trade at $0.6439. ADA is currently trading 79 percent below the record high touched in September 2021.
10th ranked TRON (TRX) decreased 7.3 percent overnight to trade at $ 0.2278. TRX has lost 3 percent in the past week. The trading price is 48 percent below the cryptocurrency's all-time high recorded on December 4, 2024.
87th ranked Raydium (RAY) topped overnight losses with a decline of 21 percent. 32nd ranked Bitensor (TAO) followed with overnight losses of more than 17 percent.
Meanwhile, the CoinShares' Digital Asset Fund Flows Weekly report for the week ended February 21 showed net outflows of $508 million as compared with the week ended February 14 that recorded net outflows of $415 million.
Year-to-date inflows stood at $6.4 billion. According to the report, Bitcoin topped flows by asset, Grayscale Investments topped flows by provider and United States topped flows by country during the past week.
Bitcoin-based products recorded outflows of $571 million.
XRP-based products recorded inflows of $38 million followed by Solana-based products that saw inflows of $9 million. Ethereum-based products and multi-asset products, both witnessed inflows of more than $3 million.
While Bitcoin has recorded month-to-date outflows of $595 million, Ethereum has witnessed month-to-date inflows of $790 million.
More than 83 percent of the cumulative AUM of $161.5 billion is attributed to Bitcoin products that account for an AUM of $134.6 billion. Bitcoin's dominance of crypto market is much lower, at close to 61 percent. Bitcoin's AUM of $134.6 billion is more than 7 percent of the original cryptocurrency's market capitalization of $1.91 trillion.
AUM of Ethereum-based products stood at $14.6 billion. Multi-asset portfolios command assets under management of $7.1 billion. An AUM of $1.7 billion is attributed to Solana-based products. XRP-based products have AUM close to $1.1 billion followed by Binance-based products with an AUM of $649 million.
The provider-wise analysis of flows inter alia shows outflows of $170 million from Grayscale Investments followed by $166 million outflows from Fidelity ETF. ARK 21Shares recorded outflows of $107 million followed by Bitwise ETF that saw outflows of $105 million. CoinShares XBT and iShares ETF, both recorded outflows of close to $22 million.
ProShares ETF recorded inflows of $38 million followed by 21Shares AG that witnessed inflows of $28 million.
iShares ETF tops with a cumulative AUM of $59.5 billion implying a share of 36.8 percent. Grayscale Investments accounts for an AUM of $28.9 billion, which is close to 18 percent of the cumulative AUM of $161.5 billion. Fidelity commands an AUM of $19.7 billion followed by ARK 21Shares and 21Shares that both have an AUM of $4.7 billion. The top 3 viz iShares, Grayscale Investments and Fidelity account for close to 67 percent of the total AUM.
Grayscale Investments, CoinShares XBT and Bitwise ETF have recorded outflows in the year-to-date period.
The country-wise analysis shows weekly outflows of $560 million from United States. Hong Kong, Brazil and Canada, all recorded outflows of more than $2 million.
Germany recorded inflows of $31 million, followed by Switzerland that recorded inflows of $16 million. Australia and Sweden too recorded inflows of close to $5 million. Of the cumulative AUM of $161.5 billion, $120.2 billion or 74.4 percent is in United States. Switzerland follows with AUM of $7.0 billion whereas Canada accounts for an AUM of $5.8 billion. Germany accounts for an AUM of $5.6 billion followed by Sweden with an AUM of $3.6 billion.
Hong Kong and Sweden have recorded outflows over the year-to-date period.
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