Cryptocurrencies widen losses in the past 24 hours amid global risk aversion market ahead of the release of US CPI data on Wednesday morning. Reports of China's antitrust investigation into NVIDIA also had an impact on sentiment.
The total market capitalization of cryptocurrencies fell by more than 4% overnight to a level of $3.45 trillion. Only 7 of the top 100 cryptocurrencies have gained more than 1% overnight.
The meme category's market capitalization fell 10.4% overnight to $116.6 billion, giving it a market share of 3.4%. The political meme category recorded a 16 percent drop in market capitalization overnight, while celebrity memes lost 11.3 percent of its market capitalization.
The AI and big data category recorded an 11% drop overnight, pushing its market capitalization down to $57.2 billion (1.65% of the total crypto market).
Amid negative market sentiment, the market capitalization of stablecoins, which are less volatile, increased by 0.03% to $207.6 billion, accounting for 6.00% of the total cryptocurrency market.
Bitcoin fell 1.4% overnight to trade at $97,706.28, about 6% below its all-time high. The original cryptocurrency traded between $100,432.86 and $94,355.91 in the past 24 hours. The weekly gain is just under 4%, but the 30-day gain is nearly 22%. In 2024, the profit decreased to 131%.
Inflows into U.S. Bitcoin spot ETF products on Monday were $479 million, compared to $377 million on Friday, according to data from Pharcyde Investors.
Ethereum fell 4.7% in the past 24 hours and was trading at $3,709.32, about 24% below its previous high. The weekly increase rate is 4.2%. The 30-day gain is 15.6%, while the year-to-date gain is just under 63%.
Data from far-side investors on the U.S. Ethereum spot ETF product showed net inflows of $150 million on Monday, compared to $84 million on Friday.
Fourth place XRP (XRP) fell 10.5% overnight to trade at $2.17, about 43% below its all-time high. The cryptocurrency issued by Ripple Research Institute has suffered losses of more than 14% over the past week. However, on a year-to-date basis, the return is over 253%.
No. 5 Solana (SOL) fell nearly 6% overnight and 2% in the past week, trading at $215.61.
Sixth place BNB (BNB) fell 5.2% overnight, but remains up 8.6% over the past week. BNB is currently trading at $690.79.
No. 7 Dogecoin (DOGE) also fell 8.2% overnight, trading at $0.4044. DOGE is up 0.8% over the past week and is up over 351% in 2024.
Number 9 Cardano (ADA) fell 11.7% overnight to trade at $1.00. ADA is currently trading 68% below its all-time high.
No. 10 Tron (TRX) fell 10.8% overnight to trade at $0.2691. TROX has risen 15% over the past week. The trading price is 39% below the cryptocurrency's all-time high.
Movement (MOVE), ranked 66th, topped the overnight gain with a jump of more than 19%, followed by BitGet Token (BGB), ranked 40th, with an increase of over 6% overnight.
IOTA (IOTA), ranked 88th and down 23.6%, is the biggest laggard on an overnight basis. GALA (68th place) followed with a loss of 19.1%.
Meanwhile, CoinShares' Digital Asset Fund Flow Weekly Report for the period ended December 7th showed that inflows jumped to $3.85 billion from $270 million in the week ending November 30th, and increased to $3.85 billion in the week ending November 23rd. Inflows for the week ended March 31, 2017 were $3.1 billion. The inflows came during the week when Bitcoin hit an all-time high of $103,900.47.
Year-to-date flows rose to a record $41.1 billion. According to the report, Bitcoin was the top asset flow over the past week, while the iShares ETF was the top provider flow and the United States was the country leader.
Bitcoin-based products recorded $2.5 billion in inflows, followed by Ethereum-based products with record inflows of $1.2 billion. XRP-based products had an inflow of $134 million.
Solana-based products recorded $14.1 million in outflows, followed by multi-asset products with $6.3 million in outflows.
More than 80% of the total cumulative assets under management of $165 billion are from Bitcoin products, and the balance of assets under management reaches $132.9 billion. Bitcoin’s dominance in the cryptocurrency market is much lower, less than 55%.
Assets under management for Ethereum products totaled $19.6 billion. The multi-asset portfolio has $7.5 billion in assets under management. $2 billion of AUM comes from Solana-based products. Both the XRP-based product and the Binance-based product have nearly $730 million in assets under management.
Specifically, the flow analysis by provider shows $3.2 billion in inflows to the iShares ETF. Fidelity ETF recorded inflows of $262 million, followed by Volatility Shares Trust with inflows of $221 million.
Grayscale Investments was the top loser with $340 million. Ark 21Shares recorded an outflow of $39 million, followed by CoinShares XBT with an outflow of $23 million.
The iShares ETF ranks first with cumulative assets under management of $56.75 billion, giving it a market share of 34.4%. Despite year-to-date outflows of more than $20 billion, Grayscale Investments still has $31.3 billion in assets under management, or 19% of its $165 billion in total assets under management. Fidelity has an AUM of $20.4 billion, followed by 21Shares with an AUM of $5.2 billion.
The top three, namely iShares, Grayscale Investments, and Fidelity, account for over 65.7% of total assets under management.
A country-by-country analysis shows weekly inflows to the United States at $3.57 billion. Switzerland recorded inflows of nearly $160 million. Germany had an inflow of $116 million, followed by Canada with $14.2 million.
Switzerland topped the list with $18.9 million, followed by Hong Kong with $5.1 million.
2024 was a great year for digital asset investment products, with inflows of $41.1 billion. The Bitcoin ETF frenzy and expectations for a pro-crypto regulatory regime have led to increased capital inflows to the US, with $40.86 billion inflows since the beginning of the year. Switzerland recorded inflows of $787 million, followed by Hong Kong with $427 million and Brazil with $179 million. Nevertheless, Sweden, Canada and Germany have recorded negative inflows in the year-to-date period.
Of its $165 billion in cumulative assets under management, $126.85 billion, or 76.9 percent, is in the United States. Switzerland follows with $8 billion in assets under management, while Canada has $6.9 billion in assets under management. Germany has $6.1 billion in assets under management, and Sweden has $4.2 billion in assets under management.
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