WASHINGTON (dpa-AFX) - Crypto market euphoria continued unabated with Bitcoin gearing for a fresh high to beat the earlier peak recorded in November 2021. Massive retail and institutional flows to digital asset investment products fueled the momentum in crypto sphere.
Overall crypto market capitalization has jumped to $2.44 trillion, from $2.34 trillion a day earlier.
BTC is currently trading at $65,518.12, 5 percent below the previous peak. Bitcoin touched a high of $65,565.80, not far from the earlier high of $68,789.63 recorded in November 2021.Bitcoin, with a market cap of $1.284 trillion has also jumped to the 9th rank in the overall ranking of all assets published by companiesmarketcap.com, surging past Meta Platforms.
Ethereum also jumped to $3,540.91 earlier in the day. It is currently trading at $3,512.70, about 28 percent below the previous high of $4,891.70 recorded in November 2021.
The CoinShares' Digital Asset Fund Flows Weekly report on institutional investments that showed a net inflow of $1.8 billion for the week ended March 1 has added to crypto market's enthusiasm. Year-to-date flows have increased to $7.6 billion, lifting cumulative AUM to $82.6 billion.
As per the report, Bitcoin products recorded weekly inflows of $1.7 billion, whereas Ethereum-based products recorded inflows of $84.7 million. Short Bitcoin products witnessed inflows of $22.2 million whereas XRP-based products recorded inflows of $2.5 million during the past week. Solana-based products recorded outflows of $11.9 million during the past week.
Of the cumulative AUM of $82.6 billion, more than 75 percent is attributed to Bitcoin products that account for an AUM of $62.7 billion. Ethereum products constitute an AUM of $14.7 billion. Multi-asset portfolios command assets under management of $3.0 billion. An AUM of $1.0 billion is attributed to Solana-based products and $408 million to Binance-based products.
The provider-wise analysis of flows as per the report inter alia shows outflows of $1.5 billion from Grayscale Investments and inflows of $2.1 billion to iShares ETF, $708.6 million to Fidelity ETF, $224.9 million to Ark 21 Shares as well as $106.3 million to ProShares ETF during the past week.
Despite the massive cumulative outflows recorded since the Bitcoin Spot ETF approval by the SEC, Grayscale Investments still accounts for an AUM of $37 billion, which is more than 45 percent of the cumulative AUM of $82.6 billion. iShares commands an AUM of $10.3 billion, followed by Fidelity that has mobilized assets under management to the tune of $6.6 billion.
The country-wise analysis shows weekly inflows of $1.9 billion to United States. Switzerland recorded inflows of $19.6 million. Australia recorded inflows of $3.7 million followed by Brazil that saw inflows of $2.7 million. Germany recorded outflows of $34.8 million followed by Sweden that saw outflows of $31.6 million and Canada that witnessed outflows of $23.1 million.
Cumulative AUM stood at $82.6 billion of which $64.1 billion or 77.6 percent is in United States. Canada follows with AUM of $4.8 billion. Switzerland accounts for AUM of close to $4.4 billion, followed by Germany with $4 billion and Sweden with $3.4 billion.
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