WASHINGTON (dpa-AFX) - Cryptocurrencies rallied in the past 24 hours ahead of the keenly awaited CPI data update from the U.S. The CPI data is expected to hold considerable sway over the Fed's interest rate decisions in 2025.
Excitement in the crypto world as former President Trump returns to office with a more crypto-friendly stance and a more pro-crypto Congress also supported sentiment for digital assets.
In data to be released by the U.S. Bureau of Labor Statistics on Wednesday morning, consumer price inflation in the U.S. is seen jumping to 2.9 percent in December from 2.7 percent in the previous month. The core component thereof is however expected to be steady at 3.3 percent. Inflation on a month-on-month basis is expected to be steady at 0.3 percent whereas the core component is seen edging down to 0.2 percent from 0.3 percent previously.
Overall crypto market capitalization has increased to $3.36 trillion, recording an overnight gain of 0.53 percent. Stablecoins, which account for a market capitalization of $213.9 billion and a market share of 6.4 percent recorded an overnight increase of 0.01 percent in market capitalization.
The 24-hour trading volume dropped 26 percent overnight to $123 billion.
Bitcoin has gained 0.15 percent overnight and 1.1 percent in the past week to trade at $96,586.58, around 11 percent below the all-time high. Bitcoin traded between $97,650.86 and $95,330.63 in the past 24 hours.
Data released by Farside Investors showed outflows from Bitcoin Spot ETF products in the U.S. declining to $210 million on Tuesday from $284 million on Monday. The net outflow position is primarily attributed to outflows of $220 million from iShares Bitcoin Trust (IBIT).
Ethereum slipped 0.89 percent in the past 24 hours to trade at $3,190.44, around 35 percent below the previous peak recorded in November 2021. ETH is also grappling with losses of 4.8 percent in the past week. Ether traded between $3,249.35 and $3,172.81 in the past 24 hours.
Ethereum Spot ETF products in the U.S. recorded inflows of $1 million versus outflows of $39 million on Monday.
3rd ranked XRP (XRP) has rallied 6.3 percent overnight to trade at $2.73, around 29 percent below the all-time high touched in January 2018. The cryptocurrency issued by Ripple Labs has gained more than 17 percent in the past week.
5th ranked BNB (BNB) slipped more than half a percent overnight and close to a percent in the past week. At its current trading price of $690.12, BNB is trading 13 percent below the all-time high.
6th ranked Solana (SOL) recorded an overnight decline of 0.9 percent. With weekly losses exceeding 5 percent, SOL is currently trading at $186.19, around 29 percent below its record high.
Meanwhile, the CoinShares' Digital Asset Fund Flows Weekly report for the week ended January 10 showed net inflows of $48 million. Year-to-date flows stood at $616 million. According to the report, Ethereum topped flows by asset, iShares ETF topped flows by provider and Switzerland topped flows by country during the past week. Ethereum-based products recorded outflows of $256 million.
Bitcoin-based products received inflows of $214 million, followed by XRP-based products that recorded inflows of $41 million.
More than 81 percent of the cumulative AUM of $153.2 billion is attributed to Bitcoin products that account for an AUM of $125 billion. Bitcoin's dominance of crypto market is much lower, at close to 57 percent.
AUM of Ethereum-based products stood at $16.5 billion. Multi-asset portfolios command assets under management of $6.9 billion. An AUM of $1.6 billion is attributed to Solana-based products. XRP-based products have AUM close to $910 million followed by Binance-based products with an AUM of $686 million.
The provider-wise analysis of flows inter alia shows inflows of $622 million to iShares ETF. Volatility Shares Trust registered inflows of $45 million followed by Fidelity ETF that saw inflows of $42 million.
Ark 21Shares recorded outflows of $202 million followed by Grayscale Investments that recorded outflows of $76 million.
iShares ETF tops with a cumulative AUM of $56.4 billion implying a share of 36.8 percent. Grayscale Investments accounts for an AUM of $27.1 billion, which is 17.7 percent of the cumulative AUM of $153.2 billion. Fidelity commands an AUM of $19.5 billion followed by 21Shares that has an AUM of $4.5 billion.
The top 3 viz iShares, Grayscale Investments and Fidelity account for more than 67.2 percent of the total AUM.
The country-wise analysis shows weekly outflows of $85 million from Switzerland. Hong Kong recorded outflows of $36.6 million followed by Sweden that saw outflows of $33.2 million.
United States recorded inflows of $79 million followed by Germany that saw inflows of $52.4 million. Canada also recorded inflows of $37 million.
Of the cumulative AUM of $153.2 billion, $118.8 billion or 77.6 percent is in United States. Switzerland follows with AUM of $6.9 billion whereas Canada accounts for an AUM of $6 billion. Germany accounts for an AUM of $5.4 billion followed by Sweden with an AUM of $3.7 billion.
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