Cryptos Decline Amidst Weak Global Market Sentiment

Crypto market capitalization declined over the past 24 hours after a strong rally pinned on U.S. presidential elections and a potential Trump Presidency. Weak sentiment in global equity markets ahead of major earnings updates weighed on sentiment.

Overall crypto market capitalization is currently at $2.31 trillion versus $2.34 trillion a day earlier.

Coinmarketcap’s Crypto Fear and Greed Index, a barometer of the emotional state of the market is currently at 57 denoting neutral state of the market. It was at 63 (Greed) a day earlier, at 56 (neutral) a week earlier and at 51 (neutral) a month earlier.

Bitcoin slipped 0.93 percent overnight to trade at $66,844.69, around 9 percent below the all-time high. Weekly gains have decreased to 0.43 percent whereas gains over the 30-day horizon aggregates to 6.7 percent. Gains in 2024 are at 58.1 percent.

Data from Farside Investors on Bitcoin Spot ETF products in the U.S. showed net inflows rise to $294 million on Monday from $274 million on Friday.

Ethereum too lost 2.2 percent in the past 24 hours to rise to $2,615.55, around 47 percent below the previous peak. Weekly losses are at 0.2 percent. Gains over the 30-day horizon exceed 1.6 percent. Gains in 2024 are more than 14.6 percent.

Data from Farside Investors on Ethereum Spot ETF products in the U.S. showed net outflows of $21 million on Monday versus net inflows of $2 million on Friday.

4th ranked BNB (BNB) slipped more than a percent overnight, clocking weekly losses of half a percent at its current trading price of $591.77.

5th ranked Solana (SOL) added 1.5 percent overnight, increasing weekly gains to 6.4 percent. SOL is currently trading at $165.36.

7th ranked XRP (XRP) has lost 2.5 percent overnight and 2.1 percent in the past week to trade at $0.5316. The cryptocurrency issued by Ripple Labs is saddled with losses of more than 13.5 percent on a year-to-date basis.

8th ranked Dogecoin (DOGE) slipped 2.5 percent overnight to trade at $0.1389. 9th ranked TRON (TRX) gained 1.5 percent overnight to trade at $ 0.1597. 10th ranked Toncoin (TON) edged up 0.02 percent overnight. TON is currently trading at $5.20.

19th ranked Aptos (APT) topped overnight gains with a surge of more than 9 percent. 56th ranked Popcat (POPCAT) gained 7.7 percent followed by 23rd ranked Uniswap (UNI) that added 6.8 percent.

68th ranked ApeCoin (APE) is the greatest laggard with an overnight decline of more than 8 percent. 88th ranked Mog Coin (MOG) also shed 7.6 percent overnight.

Meanwhile optimism surrounding the likely establishment of a pro-crypto regime in the U.S bolstered flows to digital asset investment products. The largest weekly inflow since July is predicated on hopes of a Republican victory in the U.S. Presidential election.

The CoinShares’ Digital Asset Fund Flows Weekly report showed inflows jump to $2.2 billion during the week ended October 19 versus $407 million during the week ended October 11. Year-to-date flows have increased to $26.2 billion. According to the report, Bitcoin topped flows by asset, iShares ETF topped flows by provider and United States topped flows by country during the past week.

Bitcoin-based products dominated with inflows of $2.1 billion. Ethereum-based products recorded inflows of $57.5 million. Short Bitcoin products recorded inflows of $12.3 million.

Multi-asset products however recorded outflows of $5.3 million.

More than 80 percent of the cumulative AUM of $99.2 billion is attributed to Bitcoin products that account for an AUM of $80 billion. Bitcoin’s dominance of crypto market is much lower, at around 57 percent. AUM of Ethereum products stood at $10.8 billion. Multi-asset portfolios command assets under management of $5.6 billion. An AUM of $1.3 billion is attributed to Solana-based products and $595 million to Binance-based products.

The provider-wise analysis of flows inter alia shows inflows of $1.2 billion to iShares ETF followed by $319 million to Fidelity ETF and $306 million to Ark 21Shares ETF. Bitwise ETF recorded inflows of $150 million. ProShares ETF received inflows of $74 million followed by Grayscale Investments that also recorded inflows of $68 million.

iShares ETF tops with a cumulative AUM of $27.7 billion implying a share of 27.9 percent. Though year-to-date outflows are more than $19.6 billion, Grayscale Investments still accounts for an AUM of $21.6 billion, which is 21.7 percent of the cumulative AUM of $99.2 billion. Fidelity commands an AUM of $12.7 billion, followed by ARK 21Shares and 21Shares that have both mobilized assets under management in excess of $3.2 billion. The top 3 viz iShares, Grayscale Investments and Fidelity account for more than 62.5 percent of the total AUM.

The country-wise analysis shows weekly inflows of $2.3 billion to United States. Australia also recorded inflows of $1.4 million.

Canada topped outflows with $19.9 million followed by Sweden that recorded outflows of $18.2 million. Outflows from Switzerland were a tad less than $15 million.

Of the year-to-date flows of $26.16 billion, United States accounts for $26.12 billion. Switzerland has recorded inflows of $589 million followed by Brazil with inflows of $205 million. Canada, Germany and Sweden have recorded negative flows over the year-to-date period.

Of the cumulative AUM of $99.2 billion, $75.1 billion or 75.7 percent is in United States. Switzerland follows with AUM of $5.2 billion whereas Canada accounts for an AUM of $4.7 billion. Germany accounts for an AUM of $3.9 billion followed by Sweden with an AUM of $3.0 billion.

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