WASHINGTON (dpa-AFX) - Cryptocurrencies are trading on a mixed note even as markets wait for signs of slowing inflation and expect the potential faltering in economic activity attributed to trade tariff jitters to bolster the case for rate cuts by the Federal Reserve. Expectations of easing in geopolitical tensions capped losses.
Overall crypto market capitalization is currently at $2.66 trillion. The U.S. Bureau of Labor Statistics is scheduled to release CPI data for the month of February on Wednesday morning. The update is expected to reveal a softening in inflation.
Bitcoin added 0.57 percent to trade at $82,185.17, around 25 percent below its peak. The leading cryptocurrency had touched a low of $79,059.43 in the past 24 hours.
Ethereum slipped 1.75 percent to trade at $1,889.54 lifting weekly losses to 16.2 percent. The leading altcoin had touched a low of $1842.15 in the past 24 hours.
Among the top 10 cryptocurrencies, XRP has gained 1.6 percent and Dogecoin has added 2.5 percent. All the other cryptocurrencies are trading in the red zone. 10th ranked TRON (TRX) has slipped 4.2 percent whereas 5th ranked BNB (BNB) lost 1.1 percent. Solana declined half a percent whereas Cardano shed 0.30 percent overnight.
11th ranked Pi (PI) tops overnight gains among the top 100 cryptocurrencies with a surge of 17.3 percent. 44th ranked Celestia (TIA), 99th ranked Ronin (RON) and 47th ranked Kaspa (KAS) have all gained more than 10 percent in the past 24 hours.
59th ranked Ethena (ENA) topped overnight losses among the top 100 cryptocurrencies with a decline of 10.4 percent. 30th ranked Aptos (APT) declined 8.5 percent whereas 27th ranked Hyperliquid (HYPE) lost 7.5 percent in the past 24 hours.
Meanwhile, the CoinShares' Digital Asset Fund Flows Weekly report for the week ended March 7 showed net outflows of $876 million. The report for the week ended February 28 had showed record net outflows of $2.9 billion.
With the 4th consecutive week of outflows, year-to-date inflows decreased to $2.6 billion whereas the aggregate assets under management declined to $142.5 billion. According to the report, Bitcoin topped flows by asset, Fidelity Wise Origin Bitcoin Fund topped flows by provider and United States topped flows by country during the past week.
Bitcoin-based products recorded outflows of $756 million followed by Ethereum-based products that witnessed outflows of $89 million. Short Bitcoin-based products also recorded outflows of close to $20 million.
Solana-based products recorded inflows of $16.4 million followed by XRP-based products that saw inflows of $5.6 million.
More than 84 percent of the cumulative AUM of $142.5 billion is attributed to Bitcoin products that account for an AUM of $119.7 billion. Bitcoin's dominance of crypto market is much lower, at close to 61 percent.
AUM of Ethereum-based products stood at $11.5 billion. Multi-asset portfolios command assets under management of $6.7 billion. An AUM of $1.4 billion is attributed to Solana-based products. XRP-based products have AUM of $1.1 billion followed by Binance-based products with an AUM of $595 million.
The provider-wise analysis of flows inter alia shows outflows of $201 million from Fidelity Wise Origin Bitcoin Fund and $193 million from iShares ETF. Ark 21 Shares recorded outflows of $164 million followed by Grayscale Investments that witnessed outflows of $133 million.
21 Shares reported inflows of $21 million followed by ProShares ETF that recorded inflows of $15 million.
iShares ETF tops with a cumulative AUM of $52.8 billion implying a share of 37.1 percent. Grayscale Investments accounts for an AUM of $25.5 billion, which is close to 18 percent of the cumulative AUM of $142.5 billion. Fidelity commands an AUM of $17.4 billion.
The top 3 viz iShares, Grayscale Investments and Fidelity account for 67.2 percent of the total AUM.
Grayscale Investments, Bitwise Funds Trust, Fidelity Wise Origin Bitcoin Fund and CoinShares XBT have recorded net outflows in the year-to-date period.
The country-wise analysis shows weekly outflows of $922 million from United States. Hong Kong followed with outflows of $7.5 million.
Switzerland received inflows of $23 million, followed by Canada with inflows of $14.7 million and Germany with inflows of $13.3 million. Of the cumulative AUM of $142.5 billion, $106.4 billion or 74.7 percent is in United States. Switzerland follows with AUM of $6.3 billion whereas Canada accounts for an AUM of $5.2 billion. Germany accounts for an AUM of $5.1 billion followed by Sweden with an AUM of $3.1 billion.
Hong Kong and Sweden have recorded outflows over the year-to-date period.
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