WASHINGTON (dpa-AFX) - Mixed sentiment prevails as crypto markets speculate on the likelihood of a Fed rate cut in the FOMC decision to be announced on September 17. Anxiety ahead of the updates to macro-economic data due during the week that could significantly sway the Fed's decision weighed on market sentiment.
The ISM manufacturing PMI due on Tuesday morning is expected to show an uptick to 49 from 48 in July. The JOLTs report due on Wednesday is expected to show a level of 7.4 million job openings versus 7.44 million in June. The ISM Services PMI due on Thursday morning is expected to reveal a strengthening in the services sector to 51 from 50.1 in July. Finally, the additions to non-farm payrolls due on Friday is expected to record 75 thousand in August versus 73 thousand in the previous month. The unemployment rate is also seen increasing to 4.3 percent from the level of 4.2 percent recorded in July.
Amidst markets pricing in macro-economic data sets on the above lines, rate cut expectations from the Federal Reserve remain strong. The CME FedWatch tool that tracks the expectations of interest rate traders shows the probability of a quarter-percentage rate cut by the Fed in September at 89.8 percent. It was 86.4 percent on Friday.
While 12 of the top 100 cryptocurrencies are trading with overnight gains of more than a percent, 54 are trading with overnight losses of more than a percent. Amidst this backdrop, aggregate market capitalization has increased by 0.21 percent to $3.8 trillion.
Bitcoin is currently ranked 8th and Ethereum 23rd in the global ranking of all assets as per market capitalization compiled by companiesmarketcap.com.
Bitcoin's crypto market dominance stands at 57.7 percent while Ethereum's share accounts for 13.9 percent of the overall crypto market. The residual altcoins currently account for a share of 28.4 percent of the overall crypto market. Bitcoin has gained 0.69 percent overnight to $110,281.71, about 11 percent below the all-time-high of $124,457.12 recorded on August 14. The 24-hour trading ranged between $110,595 and $107,481 in the past 24 hours.
Ethereum slipped 1.7 percent overnight to trade at $4,394.81. Ether's current trading price is 11 percent below its all-time-high. The 24-hour trading range was between $4,490 and $4,221.
4th ranked XRP added 0.6 percent overnight to trade at $2.81, around 27 percent below the all-time high. 5th ranked BNB lost 1 percent overnight at its current trading price of $856.00. The price of 6th ranked Solana increased 0.4 percent overnight to $203.38. TRON ranked 8th overall slipped 0.4 percent overnight and is currently changing hands at $0.3394. 9th ranked Dogecoin erased 1.5 percent overnight and is currently changing hands at $0.2130. 10th ranked Cardano declined 1.6 percent overnight to trade at $0.8226.
85th ranked MemeCore (M) topped overnight gains among the top 100 cryptocurrencies with a whopping gain of close to 29 percent.
79th ranked Pyth Network (PYTH) topped overnight losses among the top 100 cryptocurrencies with a decline of 6.9 percent.
Meanwhile, the CoinShares' Digital Asset Fund Flows Weekly report for the week ended August 30 showed net inflows of $2.48 billion versus net outflows of $1.43 billion during the week ended August 23.
According to the report, inflows were strong throughout the week but turned negative on Friday after the release of Core PCE data, which failed to support expectations of a Federal Reserve rate cut in September, disappointing digital asset investors. Year-to-date inflows increased to $35.5 billion from $33 billion at the end of the previous week, whereas the assets under management declined to $219.9 billion from $234.7 billion at the end of the previous week. According to the report, Ethereum topped flows by asset, iShares ETF topped flows by provider and United States topped flows by country during the week ended August 30.
During the week, Ethereum continued to outperform Bitcoin, attracting inflows of $1.42 billion versus Bitcoin's $748 million. Solana-based products witnessed inflows of $177 million followed by XRP-based products that registered inflows of $134 million. For August, Ethereum has accumulated $3.95 billion in inflows, while Bitcoin recorded outflows of $301 million.
Meanwhile, Solana and XRP continued to benefit from optimism surrounding potential US ETF launches, with Solana-based products recording inflows of $389 million and XRP-based products recording inflows of $307 million during the month of August.
Close to 76 percent of the cumulative AUM of $219.9 billion is attributed to Bitcoin products that account for an AUM of $166.7 billion. Bitcoin's dominance of crypto market is much lower, at close to 58 percent.
AUM of Ethereum-based products stood at $37.9 billion. Multi-asset portfolios command assets under management of $7.6 billion. An AUM of $3.3 billion is attributed to Solana-based products. XRP-based products have AUM of $2.7 billion followed by Sui-based products with an AUM of $300 million.
The provider-wise analysis of flows inter alia shows inflows of $1.2 billion to iShares ETF. ProShares ETF recorded inflows of $183 million. 21Shares AG also witnessed inflows of $102 million.
CoinShares XBT however recorded outflows of $43 million.
iShares ETF tops with a cumulative AUM of $97.4 billion implying a share of 44.3 percent. Though outflows exceed $1.6 billion in 2025, Grayscale Investments still accounts for an AUM of $33.7 billion, which is 15.3 percent of the cumulative AUM of $219.9 billion. Fidelity Wise Origin Bitcoin Fund commands an AUM of $21.6 billion followed by 21Shares that has an AUM of $5.4 billion.
The top 3 viz iShares, Grayscale Investments and Fidelity Wise Origin Bitcoin Fund together account for close to 69.5 percent of the total AUM.
In addition to Grayscale Investments, ARK 21Shares and CoinShares XBT continue to record negative flows in the year-to-date period.
The report showed that United States topped with inflows of $2.3 billion during the period followed by Switzerland that recorded inflows of $109.4 million. Germany also recorded inflows of $69.9 million. Canada also recorded inflows of $41.1 million. Sweden however recorded outflows of $45.2 million.
Of the cumulative AUM of $219.9 billion, $151.7 billion or 69 percent is in United States. Switzerland follows with an AUM of $7.5 billion whereas Germany accounts for an AUM of $6.9 billion. Canada follows with an AUM of $6.8 billion.
Sweden and Brazil continue to record net outflows over the year-to-date period.
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