WASHINGTON (dpa-AFX) - Cryptocurrencies declined in the past 24 hours even as markets digested the unexpected cooling in consumer price inflation in the U.S.
Data released by the U.S. Bureau of Labor Statistics showed headline annual inflation in the U.S. unexpectedly declining to 2.3 percent in April. Markets had anticipated a steady level of 2.4 percent. The core component remained steady at 2.8 percent as expected.
Consumer price inflation on a month-on-month basis which was expected to rebound to 0.3 percent unexpectedly showed a lower reading of 0.2 percent. The core component too unexpectedly showed a lower reading of 0.2 percent that 0.3 percent that the markets had anticipated.
Overall crypto market capitalization has declined 1.4 percent overnight to $3.32 trillion. The 24-hour trading volume has also decreased 1.4 percent to $152 billion.
Bitcoin slipped 1.1 percent overnight to trade at $103,092 which is 6 percent below the all-time high. The 24-hour trading range was between $103,955 and $100,814.
Ethereum declined 0.9 percent in the past 24 hours to trade at $2,539 which is 48 percent below the all-time high. Ether traded between $2,569 and $2,411 in the past 24 hours.
4th ranked XRP lost 3.2 percent during the past 24 hours as it changes hands at $2.51.
5th ranked BNB dropped 3.3 percent whereas 6th ranked Solana decreased 3.6 percent during the past 24 hours. 8th ranked Dogecoin and 9th ranked Cardano both shed more than 5 percent overnight. 10th ranked TRON witnessed a price decline of 4.7 percent in the past 24 hours.
89th ranked Ethereum Name Service (ENS) topped overnight gains among the top 100 cryptocurrencies with an addition of 3.5 percent. 39th ranked Cronos (CRO) followed with gains of 2.6 percent.
21st ranked Pi (PI) is the greatest laggard among the top 100 cryptocurrencies with an overnight decline of 12 percent. 68th ranked Fartcoin (FARTCOIN) also declined close to 8 percent in the past 24 hours.
Meanwhile, the CoinShares' Digital Asset Fund Flows Weekly report for the week ended May 9 showed inflows of $882 million as compared with net inflows of $2 billion during the prior week.
Year-to-date inflows have increased to $6.7 billion whereas the assets under management have jumped to $169.3 billion. According to the report, Bitcoin topped flows by asset and United States topped flows by country during the past week.
Bitcoin-based products recorded inflows of $867 million. Sui-based products recorded inflows of $11.7 million followed by Ethereum-based products that witnessed inflows of $2 million.
Solana-based products recorded outflows of $3.4 million.
Multi-asset products, Chainlink products and Short Bitcoin products have recorded negative year-to-date flows.
More than 86 percent of the cumulative AUM of $169.3 billion is attributed to Bitcoin products that account for an AUM of $146.2 billion. Bitcoin's dominance of crypto market is much lower, at close to 62 percent.
AUM of Ethereum-based products stood at $12.1 billion. Multi-asset portfolios command assets under management of $6.8 billion. An AUM of $1.5 billion is attributed to Solana-based products. XRP-based products have AUM of $1.31 billion followed by Sui-based products with an AUM of $330 million.
United States witnessed inflows of $840 million. Germany saw inflows of $44.5 million followed by Australia that registered inflows of $10.2 million. Sweden recorded outflows of $12 million.
Of the cumulative AUM of $169.3 billion, $129.4 billion or 76.4 percent is in United States. Canada follows with an AUM of $6.1 billion whereas Switzerland accounts for an AUM of $5.9 billion. Germany accounts for an AUM of $5.7 billion followed by Sweden with an AUM of $3.4 billion.
Sweden, Switzerland and Hong Kong have recorded net outflows over the year-to-date period.
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