WASHINGTON (dpa-AFX) - Cryptocurrencies extended losses in the past 24 hours amidst risk aversion in world markets ahead of U.S. CPI data release on Wednesday morning. Sentiment was also impacted by reports of China's antitrust probe against NVIDIA.
Overall crypto market capitalization slipped more than 4 percent overnight to the level of $3.45 trillion. Only 7 of the top 100 cryptocurrencies are trading with overnight gains in excess of a percent.
Meme category market capitalization plunged 10.4 percent overnight to $116.6 billion implying a market share of 3.4 percent. Political memes category recorded an overnight decline of 16 percent in market capitalization whereas celebrity memes erased 11.3 percent of market cap.
The AI & Big Data category recorded an overnight decline of 11 percent, dragging market capitalization to $57.2 billion or 1.65 percent of the overall crypto market.
Amidst the negative market sentiment, market capitalization of the not-so-volatile stablecoins increased 0.03 percent to $207.6 billion or 6.00 percent of the overall crypto market.
Bitcoin slipped 1.4 percent overnight to trade at $97,706.28, around 6 percent below the all-time high. The original cryptocurrency traded between $100,432.86 and $94,355.91 in the past 24 hours. Weekly gains are a little less than 4 percent whereas gains over the 30-day horizon are close to 22 percent. Gains in 2024 have reduced to 131 percent.
Data from Farside Investors showed inflows of $479 million to Bitcoin Spot ETF products in the U.S on Monday versus inflows of $377 million on Friday.
Ethereum slipped 4.7 percent in the past 24 hours to trade at $3,709.32, around 24 percent below the previous peak. Weekly gains are at 4.2 percent. Gains over the 30-day horizon are at 15.6 percent whereas year-to-date gains are a little less than 63 percent.
Data from Farside Investors on Ethereum Spot ETF products in the U.S. showed net inflows of $150 million on Monday as compared with inflows of $84 million on Friday.
4th ranked XRP (XRP) tumbled 10.5 percent overnight to trade at $2.17, around 43 percent below the all-time high. The cryptocurrency issued by Ripple Labs is grappling with losses of more than 14 percent in the past week. Gains however exceed 253 percent on a year-to-date basis.
5th ranked Solana (SOL) slipped close to 6 percent overnight and 2 percent in the past week to trade at $215.61.
6th ranked BNB (BNB) slipped 5.2 percent overnight but is holding on to gains of 8.6 percent in the past week. BNB is currently trading at $690.79.
7th ranked Dogecoin (DOGE) too dropped 8.2 percent overnight to trade at $0.4044. DOGE has gained 0.8 percent in the past week and more than 351 percent in 2024.
9th ranked Cardano (ADA) lost 11.7 percent overnight to trade at $1.00. ADA is currently trading 68 percent below the record high till date.
10th ranked TRON (TRX) dropped 10.8 percent overnight to trade at $0.2691. TROX has gained 15 percent in the past week. The trading price is 39 percent below the cryptocurrency's all-time high.
66th ranked Movement (MOVE) topped overnight gains with a surge of more than 19 percent.40th ranked Bitget Token (BGB) followed with overnight gains of more than 6 percent.
88th ranked IOTA (IOTA) that declined 23.6 percent is the greatest laggard on an overnight basis. 68th ranked Gala (GALA) followed with losses of 19.1 percent.
Meanwhile, the CoinShares' Digital Asset Fund Flows Weekly report for the period ended December 7 showed inflows jumping to a record $3.85 billion from $270 million during the week ended November 30. Inflows were $3.1 billion during the week ended November 23. The massive jump in inflows came in the week that saw Bitcoin touch an all-time high of $103,900.47.
Year-to-date flows have increased to record high of $41.1 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 recorded inflows of $2.5 billion followed by Ethereum-based products that witnessed record inflows of $1.2 billion. XRP-based products saw inflows of $134 million.
Solana-based products recorded outflows of $14.1 million followed by multi-asset products that recorded outflows of $6.3 million.
More than 80 percent of the cumulative AUM of $165 billion is attributed to Bitcoin products that account for an AUM of $132.9 billion. Bitcoin's dominance of crypto market is much lower, at less than 55 percent.
AUM of Ethereum products stood at $19.6 billion. Multi-asset portfolios command assets under management of $7.5 billion. An AUM of $2.0 billion is attributed to Solana-based products. XRP-based products and Binance-based products, both have AUM close to $730 million.
The provider-wise analysis of flows inter alia shows inflows of $3.2 billion to iShares ETF. Fidelity ETF recorded inflows of $262 million followed by Volatility Shares Trust that recorded inflows of $221 million.
Grayscale Investments topped outflows with $340 million. Ark 21Shares recorded outflows of $39 million followed by CoinShares XBT that recorded outflows of $23 million.
iShares ETF tops with a cumulative AUM of $56.75 billion implying a share of 34.4 percent. Though year-to-date outflows exceed $20 billion, Grayscale Investments still accounts for an AUM of $31.3 billion, which is 19 percent of the cumulative AUM of $165 billion. Fidelity commands an AUM of $20.4 billion followed by 21Shares that has an AUM of $5.2 billion.
The top 3 viz iShares, Grayscale Investments and Fidelity account for more than 65.7 percent of the total AUM.
The country-wise analysis shows weekly inflows of $3.57 billion to United States. Switzerland recorded inflows of close to $160 million. Germany saw inflows of $116 million followed by Canada which received inflows of $14.2 million.
Switzerland topped outflows with $18.9 million followed by Hong Kong that recorded outflows of $5.1 million.
2024 has been a great year for digital asset investment products with inflows of $41.1 billion. Bitcoin ETF frenzy and expectations of a pro-crypto regulatory regime have boosted inflows to the United States which has seen year-to-date inflows of $40.86 billion. Switzerland has recorded inflows of $787 million followed by Hong Kong with inflows of $427 million and Brazil with inflows of $179 million. Nevertheless, Sweden, Canada and Germany have recorded negative flows over the year-to-date period.
Of the cumulative AUM of $165 billion, $126.85 billion or 76.9 percent is in United States. Switzerland follows with AUM of $8 billion whereas Canada accounts for an AUM of $6.9 billion. Germany accounts for an AUM of $6.1 billion followed by Sweden with an AUM of $4.2 billion.
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