WASHINGTON (dpa-AFX) - Top-ranked cryptocurrencies are trading in a mixed fashion in the past 24 hours as global markets wait for a slew of economic data that has the potential to sway the Fed's outlook on interest rates. Key data from the U.S. due for release in the week include ISM manufacturing PMI, JOLTs Job Openings, ISM Services PMI, Non-Farm Payrolls and Unemployment rate.
Amidst the lingering anxiety, overall crypto market capitalization is currently at $2.07 trillion. It was $2.05 trillion a day earlier an $2.18 trillion a week earlier. Bitcoin rallied 1.2 percent overnight to trade at $59,127.20, around 20 percent below the all-time high. BTC has however shed more than 5 percent in the past week while holding on to gains of close to 40 percent in 2024. The original cryptocurrency traded between $59,815 and $58,103 in the past 24 hours.
Ethereum slipped 0.28 percent in the past 24 hours to trade at $2,509.29, around 49 percent below the previous peak. Weekly losses exceed 4.5 percent whereas gains in 2024 have decreased to less than 10 percent. Ether traded between $2,563 and $2,494 in the past 24 hours.
4th ranked BNB (BNB) gained 3.1 percent overnight to trade at $535.48 whereas 5th ranked Solana (SOL) added 1.7 percent overnight to trade at $134.30.
85th ranked ORDI (ORDI) topped with overnight gains of 10.4 percent. 72nd ranked Mantra (OM) and 49th ranked dogwifhat (WIF) have also gained more than 9 percent in the past 24 hours.
40th ranked Immutable (IMX) is the greatest laggard, shedding 3.5 percent overnight. 58th ranked Helium (HNT) and 9th ranked TRON (TRX) have also shed more than 2 percent in the past 24 hours.
Meanwhile, strong economic data from the U.S. that diminished the prospects of a 50-basis points rate cut by the Fed exacerbated outflows from digital asset investment products. Better-than-expected GDP data and mostly inline PCE inflation readings catalyzed the Dollar's resurgence, triggering a flow of funds from risk assets including assets tied to digital currencies. The CoinShares' Digital Asset Fund Flows Weekly report showed outflows of $305 million during the week ended August 31 as compared with inflows of $533 million during the previous week. Year-to-date flows have decreased to $22.4 billion. According to the report, Bitcoin-based products topped flows by asset, Ark 21 Shares topped flows by provider and United States topped flows by country during the past week.
Bitcoin-based products dominated with outflows of $319 million. Ethereum-based products also recorded outflows of more than $5 million. Solana-based products however received inflows of $7.6 million followed by multi-asset products that got inflows of more than $6 million. Short Bitcoin products also received inflows of $4.4 million. Close to 80 percent of the cumulative AUM of $82.5 billion is attributed to Bitcoin products that account for an AUM of $65.8 billion. Bitcoin's dominance of crypto market is much lower, at around 56 percent. AUM of Ethereum products stood at $10.3 billion. Multi-asset portfolios command assets under management of $4.1 billion. An AUM of $1.1 billion is attributed to Solana-based products and $531 million to Binance-based products.
The provider-wise analysis of flows inter alia shows outflows of $221 million from Ark 21 Shares ETF. Outflows of $143 million were also recorded from Grayscale Investments followed by $63 million from Fidelity ETF and $57 million from Bitwise ETF. Despite the negative sentiment in global markets, iShares ETF recorded inflows of $219 million.
iShares ETF tops with a cumulative AUM of $21.9 billion implying a share of 26.5 percent. Though year-to-date outflows are close to $19 billion, Grayscale Investments still accounts for an AUM of $19.7 billion, which is 23.9 percent of the cumulative AUM of $82.5 billion. Fidelity commands an AUM of $10.5 billion, followed by 21Shares that has mobilized assets under management to the tune of $2.9 billion. The top 3 viz iShares, Grayscale Investments and Fidelity account for more than 63 percent of the total AUM.
The country-wise analysis shows weekly outflows of $318 million from United States. Canada recorded inflows of $13 million. Germany recorded outflows of more than $7 million.
Of the cumulative AUM of $82.5 billion, $62.3 billion or 75 percent is in United States. Switzerland follows with AUM of more than $4.4 billion whereas Canada accounts for an AUM of $4.1 billion. Germany accounts for an AUM of $3.5 billion followed by Sweden with an AUM of $2.7 billion.
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