Cryptos Mixed As Biden Ends Bid For Reelection

RTT Staff Writer•Monday, July 22, 2024•2 min read

Cryptocurrencies are trading mixed in the backdrop of the changed electoral landscape following President Joe Biden dropping out of the presidential race. Bitcoin, Ethereum and BNB are trading in the red whereas Solana, XRP and Dogecoin have recorded strong gains. Data showing continuing massive inflows to digital asset investment products supported sentiment for cryptocurrencies.

Overall crypto market capitalization has slipped to $2.43 trillion versus $2.45 trillion, a day earlier.

Bitcoin touched a high of $68,480 earlier in the trade. At its current trading price of $66,902, which is 9 percent below the all-time high, Bitcoin has slipped 0.5 percent overnight. Given the weekly gains of 6.2 percent, year-to-date gains exceed 58 percent.

Ethereum which is trading at $3,456.73, around 29 percent below its all-time high has shed 1.6 percent overnight. Addition of more than 2 percent over the course of the past week has lifted gains in 2024 to more than 51 percent. The top-ranked altcoin ranged between $3,560 and $3,415 in the past 24 hours.

With a market capitalization of $1.32 trillion, Bitcoin dominates 54.2 percent of the overall crypto market. Ethereum which enjoys a market cap of $416 billion follows with a market share of 17.1 percent. Market capitalization of stablecoins aggregates to $166 billion, implying an overall market share of 6.8 percent.

4th ranked BNB (BNB) has slipped more than 1 percent overnight. 5th ranked Solana (SOL) added 2.7 percent whereas 6th ranked XRP (XRP) surged 4.2 percent in the past 24 hours. 8th ranked Dogecoin (DOGE) also gained more than 3 percent in the past 24 hours.

Meanwhile, huge inflows to digital asset investment products continued in the past week also amidst positive sentiment towards cryptocurrencies. The CoinShares’ Digital Asset Fund Flows Weekly report showed inflows of $1.4 billion during the week ended July 20 matching the inflows a week earlier. Year-to-date flows increased to $19.2 billion whereas cumulative AUM increased to $97.7 billion.

Bitcoin-based products that recorded weekly inflows of $1.3 billion constituted bulk of the inflows. Ethereum-based products recorded inflows of $45 million as markets gear up for the launch of Ethereum Spot ETF products. Multi-asset products received inflows of $16.7 million. Solana-based products also recorded inflows of $9.6 million.

More than 78 percent of the cumulative AUM of $97.7 billion is attributed to Bitcoin products that account for an AUM of $77 billion. Bitcoin’s dominance of crypto market is much lower, at around 54 percent. AUM of Ethereum products stood at $13.7 billion. Multi-asset portfolios command assets under management of $4.6 billion. An AUM of $1.41 billion is attributed to Solana-based products and $586 million to Binance-based products.

The provider-wise analysis of flows inter alia shows inflows of $707 million to iShares ETF followed by $244 million to Fidelity ETF. Ark 21 Shares recorded inflows of $99 million. Bitwise recorded inflows of more than $70 million followed by 21Shares that saw inflows of $49 million. Outflows of $52 million were recorded from Grayscale Investments.

Though year-to-date outflows exceed $18.6 billion, Grayscale Investments still accounts for an AUM of $28.8 billion, which is more than 29 percent of the cumulative AUM of $97.7 billion. iShares commands an AUM of $22 billion, followed by Fidelity that has mobilized assets under management to the tune of $12 billion.
The country-wise analysis shows weekly inflows of $1.3 billion to United States. Switzerland recorded inflows of more than $66 million. Canada also recorded inflows of close to $8 million.

Of the cumulative AUM of $97.7 billion, $77.1 billion or 78 percent is in United States. Switzerland follows with AUM of more than $5 billion whereas Canada accounts for an AUM of more than $4.8 billion. Germany accounts for an AUM of $4.1 billion followed by Sweden with an AUM of $3.2 billion.

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