WASHINGTON (dpa-AFX) - Crypto markets rallied close to 3 percent and Bitcoin touched a fresh high above $107 thousand amidst broad-based bullish momentum. Large inflows to ETF products in the U.S. as well as institutional buying boosted market sentiment.
Data from Farside Investors showed inflows of $637 million to Bitcoin Spot ETF products in the U.S. on Monday. The funds had recorded inflows of $429 million on Friday. Ether Spot ETF products in the U.S. saw inflows rising to $51 million on Monday from $24 million on Friday.
Overall crypto market capitalization is currently at $3.77 trillion, recording an overnight addition of close to 3 percent.
Bitcoin has rallied 3.4 percent overnight to trade at $107,249.01, a tad below the all-time high of $107,780.58 touched 20 hours ago. BTC has gained 9.7 percent in the past week, 18.5 percent over the past 30 days and more than 153 percent till date in 2024.
Ethereum added 3 percent in the past 24 hours to trade at $4,007.66, around 18 percent below the previous peak. Weekly gains are more than 8 percent whereas gains in 2024 are more than 75 percent. Ether traded between $4,106.96 and $3,895.90 in the past 24 hours.
3rd ranked XRP (XRP) jumped 12.6 percent overnight and 23.3 percent in the past week to trade at $2.67. The cryptocurrency is currently trading around 30 percent below the all-time high.
5th ranked Solana (SOL) gained 3.5 percent overnight, lifting weekly gains to 4 percent. SOL is currently trading at $223.45, around 15 percent below its record high.
6th ranked BNB (BNB) added 2.1 percent overnight at its current trading price of $724.52. BNB is currently trading 9 percent below the all-time high.
7th ranked Dogecoin (DOGE) increased 3.5 percent overnight to trade at $0.4094. DOGE is trading 44 percent below the previous peak.
9th ranked Cardano (ADA) gained 4.2 percent overnight to trade at $1.11. ADA is currently trading 64 percent below the record high till date.
10th ranked TRON (TRX) also rallied 6.2 percent overnight to trade at $0.2949. TROX has added 9.6 percent in the past week. The trading price is 33 percent below the cryptocurrency's all-time high.
29th ranked Bitget Token (BGB) topped overnight gains with a surge of 18.6 percent. 3rd ranked XRP (XRP) followed with gains of 12.6 percent.
59th ranked Virtuals Protocol (VIRTUAL) topped overnight losses with a decline of more than 8 percent. 79th ranked Helium (HNT) also declined more than 7 percent.
Meanwhile, the CoinShares' Digital Asset Fund Flows Weekly report for the period ended December 14 showed inflows of $3.2 billion versus $3.85 billion for the period ended December 7. Year-to-date flows have increased to record high of $44.5 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 recorded inflows of $2 billion followed by Ethereum-based products that witnessed inflows of $1.1 billion. XRP-based products saw inflows of $146 million followed by Short Bitcoin products that saw inflows of $14.6 million. Multi-asset products however recorded outflows of $31 million.
More than 80 percent of the cumulative AUM of $167 billion is attributed to Bitcoin products that account for an AUM of $135 billion. Bitcoin's dominance of crypto market is much lower, at close to 56 percent.
AUM of Ethereum-based products stood at $20 billion. Multi-asset portfolios command assets under management of $7.5 billion. An AUM of $1.9 billion is attributed to Solana-based products. XRP-based products have AUM close to $900 million followed by Binance-based products with an AUM of $704 million.
The provider-wise analysis of flows inter alia shows inflows of $2 billion to iShares ETF. Fidelity ETF recorded inflows of $598 million followed by Volatility Shares Trust that recorded inflows of $321 million.
Grayscale Investments topped outflows with $145 million. CoinShares XBT recorded outflows of $23 million.
iShares ETF tops with a cumulative AUM of $58.64 billion implying a share of 35 percent. Though year-to-date outflows exceed $20 billion, Grayscale Investments still accounts for an AUM of $30.8 billion, which is 19 percent of the cumulative AUM of $167.4 billion. Fidelity commands an AUM of $21.1 billion followed by 21Shares that has an AUM of $5.1 billion.
The top 3 viz iShares, Grayscale Investments and Fidelity account for more than 66 percent of the total AUM.
The country-wise analysis shows weekly inflows of $3.14 billion to United States. Switzerland recorded inflows of $35.60 million. Germany saw inflows of $32.9 million followed by Brazil which received inflows of $24.7 million. Switzerland recorded outflows of $19 million.
The year 2024 till date has been bountiful for digital asset investment products with inflows of $44.49 billion. Hopes of a strategic Bitcoin reserve as well as expectations of a pro-crypto regulatory regime have boosted inflows to the United States which has seen year-to-date inflows of $44.13 billion. Switzerland has recorded inflows of $820 million followed by Hong Kong with inflows of $436 million and Brazil with inflows of $205 million. Nevertheless, Sweden, Canada and Germany continue to record negative flows in the year-to-date period.
Of the cumulative AUM of $167.4 billion, $128.67 billion or 76.9 percent is in United States. Switzerland follows with AUM of $7.9 billion whereas Canada accounts for an AUM of $6.8 billion. Germany accounts for an AUM of $6.1 billion followed by Sweden with an AUM of $4.2 billion.
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