WASHINGTON (dpa-AFX) - Crypto market sentiment turned volatile even as anticipation of a crypto-friendly regulatory regime in the U.S. heightened. Overall crypto market capitalization has slipped 0.36 percent overnight and is currently at $3.03 trillion.
Bitcoin slipped 0.77 percent overnight to trade at $89,899.58, around 4 percent below the all-time high. The original cryptocurrency touched a high of $92,194.36 and a low of $88,741.67 in the past 24 hours. Weekly gains are at 9.6 percent whereas gains over the 30-day horizon are close to 32 percent. Gains in 2024 are at 112 percent.
Data from Farside Investors showed outflows from Bitcoin Spot ETF products in the U.S declining to $370 million from $401 million on Thursday. No ETF recorded net inflows on Friday.
Ethereum slipped 0.76 percent in the past 24 hours to trade at $3,076.88, around 37 percent below the previous peak. Weekly losses are at 2.9 percent. Gains over the 30-day horizon are at 16.6 percent whereas year-to-date gains are a little less than 35 percent.
Data from Farside Investors on Ethereum Spot ETF products in the U.S. showed net outflows of $60 million on Friday as compared with $3 million on Thursday.
4th ranked Solana (SOL) gained 3.1 percent overnight and 9.5 percent in the past week to trade at $239.61.
5th ranked BNB (BNB) slipped 1.6 percent overnight and 0.4 percent in the past week. BNB is currently trading at $616.82.
6th ranked XRP (XRP) has added 2.71 percent overnight to trade at $1.13. The cryptocurrency issued by Ripple Labs has jumped close to 95 percent in the past week. Gains exceed 84 percent on a year-to-date basis.
7th ranked Dogecoin (DOGE) declined 0.6 percent overnight to trade at $0.3608. DOGE has added 24 percent in the past week and more than 300 percent in 2024.
9th ranked Cardano (ADA) gained 1.2 percent overnight to trade at $0.7319. ADA is currently trading 76 percent below the record high till date.
10th ranked TRON (TRX) added 2.7 percent overnight to trade at $ 0.2021. TRX has gained 22.5 percent in the past week. The trading price is 33 percent below the cryptocurrency's all-time high.
28th ranked Hedera (HBAR) topped overnight gains with a surge of close to 28 percent.
20th ranked Stellar (KLM) and 32nd ranked Mantra (OM), both gained more than 18 percent.
77th ranked Goatseus Maximus (GOAT) that has declined 17.8 percent is the greatest laggard on an overnight basis.
Amidst persisting post-election market momentum and hopes of a crypto-friendly regulatory regime in the U.S., inflows to digital asset investment products recorded a massive jump in the past week. The CoinShares' Digital Asset Fund Flows Weekly report showed inflows of $2.2 billion during the week ended November 16, rising from $1.98 billion during the week ended November 8. Year-to-date flows have increased to record high of $33.5 billion. According to the report, Bitcoin topped flows by asset, iShares ETF topped flows by provider and United States topped flows by country during the past week.
Bitcoin-based products dominated with inflows of $1.5 billion. Ethereum-based products recorded inflows of $646 million. Short Bitcoin products recorded inflows of $48.5 million. Solana followed with inflows of $23.9 million. Multi-asset products however recorded outflows of $19.4 million.
Close to 83 percent of the cumulative AUM of $135.9 billion is attributed to Bitcoin products that account for an AUM of $112.8 billion. Bitcoin's dominance of crypto market is much lower, at around 59 percent.
AUM of Ethereum products stood at $13.3 billion. Multi-asset portfolios command assets under management of $6.5 billion. An AUM of $1.8 billion is attributed to Solana-based products and $601 million to Binance-based products.
The provider-wise analysis of flows inter alia shows inflows of $2.2 billion to iShares ETF. Ark 21Shares recorded outflows of $153 million followed by Grayscale Investments that recorded outflows of $108 million. Bitwise ETF and CoinShares XBT, both recorded outflows of more than $60 million.
iShares ETF tops with a cumulative AUM of $43.4 billion implying a share of close to 32 percent. Though year-to-date outflows exceed $19.9 billion, Grayscale Investments still accounts for an AUM of $27.4 billion, which is 20.16 percent of the cumulative AUM of $135.9 billion. Fidelity commands an AUM of $17.4 billion, followed by ARK 21Shares and 21Shares that have both mobilized assets under management of more than $4.1 billion.
The top 3 viz iShares, Grayscale Investments and Fidelity account for more than 64.8 percent of the total AUM.
The country-wise analysis shows weekly inflows of $2.21 billion to United States. Hong Kong recorded inflows of $27 million followed by Australia that recorded inflows of $18.3 million.
Sweden topped outflows with $58.1 million followed by Brazil that recorded outflows of $10.5 million.
2024 has been a super year for digital asset investment products with inflows of $33.5 billion. Bitcoin ETF frenzy and expectations of pro-crypto policies from the new Trump administration boosted inflows to the United States which has seen year-to-date inflows of $33.42 billion. Switzerland has recorded inflows of $688 million followed by Hong Kong with inflows of $352 million and Brazil with inflows of $190 million. Sweden, Canada and Germany have recorded negative flows over the year-to-date period. Of the cumulative AUM of $135.9 billion, $105.3 billion or 77.5 percent is in United States. Switzerland follows with AUM of $6.4 billion whereas Canada accounts for an AUM of $5.96 billion. Germany accounts for an AUM of $5.11 billion followed by Sweden with an AUM of $3.75 billion.
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