Cryptos Subdued As Rate Cut Cheer Fades, Key Data Awaited
Top ranked cryptocurrencies are trading on a cautious note as markets wait for key economic data to assess the Fed’s monetary policy outlook. The final update to the second quarter U.S. GDP data as well as the PCE-based inflation readings due later in the week kept crypto market enthusiasm in check.
Overall crypto market capitalization is currently steady at $2.23 trillion.
Bitcoin edged up 0.08 percent overnight to trade at $63,549.50, around 14 percent below the all-time high. BTC has gained 7.7 percent in the past week while holding on to gains of more than 50 percent in 2024. The original cryptocurrency traded between $63,944 and $62,737 in the past 24 hours.
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Data from Farside Investors on Bitcoin Spot ETF products in the U.S. showed a net inflow of $4.5 million on Monday versus net inflow of $92 million on Friday. Fidelity Wise origin Bitcoin Fund (FBTC) topped with inflows of $24.9 million whereas Grayscale Bitcoin Trust (GBTC) recorded net outflows of $40.3 million.
Ethereum added 0.27 percent in the past 24 hours to trade at $2,645.94, around 46 percent below the previous peak. Weekly gains exceed 14 percent whereas gains in 2024 have increased to close to 16 percent. Ether traded between $2,701.68 and $2,610.86 in the past 24 hours.
Data from Farside Investors on Ethereum Spot ETF products in the U.S. showed a net outflow of $79.3 million on Monday, versus inflow of $2.9 million recorded on Friday. The outflows are the highest since July. Ethereum prices, on the contrary increased to $26,48.55 on Monday September 23, from $2,582.86 a day earlier. Grayscale Ethereum Trust (ETHE) recorded net outflows of $80.6 million whereas Bitwise Ethereum ETF (ETHW) recorded inflows of $1.3 million.
4th ranked BNB (BNB) rallied 2.1 percent overnight, lifting weekly gains to 11.6 percent at its current trading price of $602.89.
5th ranked Solana (SOL) added 1.63 percent overnight, lifting weekly gains to 10.4 percent. SOL is currently trading at $146.51.
7th ranked XRP (XRP) has gained half percent overnight to trade at $0.5898. Despite weekly gains of 0.4 percent, the cryptocurrency issued by Ripple Labs is saddled with year-to-date losses of more than 4 percent.
8th ranked Dogecoin (DOGE) gained almost 1 percent overnight to trade at $0.1082.
9th ranked Toncoin (TON) slipped 0489 percent overnight. TON is currently trading at $5.58.
Cardano (ADA) jumped to the 10th rank overall with an overnight rally of 4.4 percent, relegating TRON (TRX) to the 11th position. ADA has gained 10.5 percent in the past week to trade at $0.3689.
52nd ranked Arweave (AR) topped with overnight gains of more than 12 percent. 56th ranked Celestia (TIA) also surged 10.4 percent in the past 24 hours. 47th ranked dogwifhat (WIF) and 64th ranked Lido DAO (LDO) followed with overnight gains of more than 8 percent.
19th ranked UNUS SED LEO (LEO) is the greatest laggard, shedding close to 6 percent overnight. 30th ranked Monero (XMR), 48th ranked Fantom (FTM) and 36th ranked Immutable (IMX) have all shed more than 3 percent in the past 24 hours.
Meanwhile, amidst jubilation following the Fed’s jumbo-sized rate cut, digital asset investment products recorded significant inflows in the past week. The CoinShares’ Digital Asset Fund Flows Weekly report showed inflows of $321 million during the week ended September 21 as compared with inflows of $436 million in the earlier week. Year-to-date flows have increased to $22.5 billion. According to the report, Bitcoin topped flows by asset, Fidelity topped flows by provider and United States topped flows by country during the past week.
Bitcoin-based products dominated with inflows of $284 million. Multi-asset products received inflows of $54.2 million followed by Short Bitcoin that got inflows of $5.1 million. Solana-based products also recorded inflows of $3.2 million. Ethereum-based products however recorded outflows of $28.5 million, clocking a fifth straight week of outflows.
Close to 82 percent of the cumulative AUM of $85.8 billion is attributed to Bitcoin products that account for an AUM of $70.1 billion. Bitcoin’s dominance of crypto market is much lower, at around 56 percent. AUM of Ethereum products stood at $10.3 billion. Multi-asset portfolios command assets under management of $3 billion. An AUM of $1.2 billion is attributed to Solana-based products and $568 million to Binance-based products.
The provider-wise analysis of flows inter alia shows inflows of $138 million to Fidelity ETF followed by $102 million to Ark 21Shares and $67 million to Bitwise ETF. iShares ETF also recorded inflows of $30 million. Outflows of $65 million were recorded from Grayscale Investments.
iShares ETF tops with a cumulative AUM of $23.4 billion implying a share of 27.3 percent. Though year-to-date outflows are more than $19 billion, Grayscale Investments still accounts for an AUM of $20.3 billion, which is 23.7 percent of the cumulative AUM of $85.8 billion. Fidelity commands an AUM of $11.1 billion, followed by 21Shares that has mobilized assets under management to the tune of $3.1 billion. The top 3 viz iShares, Grayscale Investments and Fidelity account for more than 63.8 percent of the total AUM.
The country-wise analysis shows weekly inflows of $277 million to United States. Switzerland has recorded inflows of $63.4 million. Germany has recorded outflows of close to $10 million followed by Sweden that recorded outflows of $7.8 million.
Of the cumulative AUM of $85.8 billion, $65.5 billion or 76.3 percent is in United States. Switzerland follows with AUM of more than $4.7 billion whereas Canada accounts for an AUM of $4.3 billion. Germany accounts for an AUM of $3.7 billion followed by Sweden with an AUM of $2.8 billion.
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