Trump’s Comments Boost Cryptos

Cryptocurrencies rallied in the past 24 hours amidst comments by Republican candidate Donald Trump that bolstered crypto market sentiment. Overall crypto market capitalization has increased to $2.45 trillion from $2.41 trillion, a day earlier.

Bitcoin touched a high of $69,987.54 earlier in the trade. At its current trading price of $68,850, which is 7 percent below the all-time high, Bitcoin has gained 1.4 percent overnight. Given the weekly gains of 2.7 percent, year-to-date gains exceed 62 percent.

Ethereum which is trading at $3,335.86, around 32 percent below its all-time high has rallied 1.9 percent overnight. A slippage of 3.5 percent over the course of the past week has curtailed gains in 2024 to a little above 46 percent. The top-ranked altcoin ranged between $3,396.63 and $3,252.14 in the past 24 hours.

With a market capitalization of $1.36 trillion, Bitcoin dominates 55.4 percent of the overall crypto market. Ethereum which enjoys a market cap of $401 billion follows with a market share of 16.3 percent. Market capitalization of stablecoins aggregates to $172 billion, implying an overall market share of 7 percent.

Solana (SOL) ranked 4th overall gained 2.3 percent overnight and 5.8 percent in the past week to trade at $189.18. 5th ranked BNB (BNB) has gained more than 1.5 percent overnight. 7th ranked XRP (XRP) added 0.63 percent in the past 24 hours. 8th ranked Dogecoin (DOGE) also gained 1.7 percent in the past 24 hours. 9th ranked Toncoin (TON) rallied 3,1 percent whereas 10th ranked Cardano (ADA) recorded a price gain of 1.5 percent in the past 24 hours.

Meanwhile, inflows to digital asset investment products were muted in the past week despite the much-awaited launch of Ethereum Spot ETF products. The CoinShares’ Digital Asset Fund Flows Weekly report showed inflows of $245 million during the week ended July 26 as compared with inflows of $1.4 billion during the week ended July 20. Year-to-date flows increased to $20.5 billion whereas cumulative AUM increased to $99.2 billion.

While Bitcoin-based products recorded net inflows of $519 million, Ethereum-based products recorded net outflows of $285 million attributed to outflows from the recently converted Grayscale Ethereum Trust (ETHE). Multi-asset products received inflows of $8.7 million whereas Solana-based products recorded outflows of $2.7 million.

More than 79 percent of the cumulative AUM of $99.2 billion is attributed to Bitcoin products that account for an AUM of $78 billion. Bitcoin’s dominance of crypto market is much lower, at around 55 percent. AUM of Ethereum products stood at $13.5 billion. Multi-asset portfolios command assets under management of $4.6 billion. An AUM of $1.5 billion is attributed to Solana-based products and $580 million to Binance-based products.

The provider-wise analysis of flows inter alia shows inflows of $1.2 billion to iShares ETF followed by $30 million to Fidelity ETF and $27 million to 21Shares.
Outflows of $1.5 billion were recorded from Grayscale Investments followed by $87 million from Bitwise ETF and $49 million form Ark 21 Shares.

Though year-to-date outflows exceed $19.0 billion, Grayscale Investments still accounts for an AUM of $27.8 billion, which is more than 28 percent of the cumulative AUM of $99.2 billion. iShares commands an AUM of $23.4 billion, followed by Fidelity that has mobilized assets under management to the tune of $12.3 billion.

The country-wise analysis shows weekly inflows of $272 million to United States. Switzerland recorded inflows of more than $40 million.

Of the cumulative AUM of $99.2 billion, $76.3 billion or 77 percent is in United States. Switzerland follows with AUM of more than $5.1 billion whereas Canada accounts for an AUM of $4.8 billion. Germany accounts for an AUM of $4.1 billion followed by Sweden with an AUM of $3.3 billion.

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