Cryptos Trade Mixed Ahead Of Fed Decision

Major cryptocurrencies are trading mixed as markets wait for the Fed’s decision on interest rates on Wednesday. The Fed is widely expected to cut rates, with 67 percent expecting a 50-basis points cut and 33 percent expecting a 25-basis points cut.

Amidst optimism that the Fed would commence monetary easing in the upcoming review, overall crypto market capitalization has increased 0.30 percent overnight to $2.05 trillion.

Bitcoin rallied 0.66 percent overnight to trade at $59,033.16, around 20 percent below the all-time high. BTC has gained more than 3 percent in the past week while holding on to gains of close to 40 percent in 2024. The original cryptocurrency traded between $58,954.39 and $57,501.34 in the past 24 hours.

Data from Farside Investors on Bitcoin Spot ETF products in the U.S. showed a net inflow of $12.8 million on Monday versus net inflow of $263 million on Friday. iShares Bitcoin Trust (IBIT) topped with inflows of $15.8 million whereas Grayscale Bitcoin Trust (GBTC) recorded net outflows of $20.8 million.

Ethereum added 1.1 percent in the past 24 hours to trade at $2,317.20, around 53 percent below the previous peak. Weekly losses exceed 1.4 percent whereas gains in 2024 have decreased to less than 2 percent. Ether traded between $2,314.96 and $2,263.79 in the past 24 hours.

Data from Farside Investors on Ethereum Spot ETF products in the U.S. showed a net outflow of $9.4 million on Monday, versus inflow of $1.5 million recorded on Friday.
4th ranked BNB (BNB) slipped 0.93 percent overnight but has gained more than 3 percent in the past week to trade at $540.16.

5th ranked Solana (SOL) added 1.3 percent overnight, restricting weekly losses to 1.5 percent. SOL is currently trading at $132.67.

7th ranked XRP (XRP) has gained 2.9 percent overnight to trade at $0.5864. Despite weekly gains of 8.7 percent, the cryptocurrency issued by Ripple Labs is saddled with year-to-date losses of more than 4 percent.

8th ranked Dogecoin (DOGE) declined more than 1 percent overnight to trade at $0.1008.

9th ranked Toncoin (TON) slipped 0.99 percent overnight. TON is currently trading at $5.49.

TRON (TRX) ranked 10th overall has gained 0.8 percent in the past 24 hours to trade at $0.1501.

47th ranked Fantom (FTM) topped with overnight gains of 10.6 percent. 60th ranked Celestia (TIA) and 39th ranked Immutable (IMX) followed with gains of more than 5 percent.

64th ranked Sei (SEI) is the greatest laggard, shedding close to 5 percent overnight. 59th ranked Helium (HNT) and 15th ranked Polkadot (DOT) followed with losses of more than 3 percent.

Meanwhile, despite uncertainty surrounding the Fed’s rate cut size, digital asset investment products recorded significant inflows. The CoinShares’ Digital Asset Fund Flows Weekly report showed inflows of $436 million during the week ended September 13 as compared with outflows of $726 million in the previous week. Year-to-date flows have increased to $22.1 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 $436 million. Multi-asset products received inflows of $22.8 million followed by Solana-based products that got inflows of $3.8 million. Ethereum-based products however recorded outflows of $19 million. Short Bitcoin products also recorded outflows of $8.5 million.

Close to 80 percent of the cumulative AUM of $82.6 billion is attributed to Bitcoin products that account for an AUM of $66.3 billion. Bitcoin’s dominance of crypto market is much lower, at around 56 percent. AUM of Ethereum products stood at $9.8 billion. Multi-asset portfolios command assets under management of $4.1 billion. An AUM of $1.1 billion is attributed to Solana-based products and $550 million to Binance-based products.

The provider-wise analysis of flows inter alia shows inflows of $218 million to Fidelity ETF followed by $83 million to Ark 21Shares and $67 million to Bitwise ETF. ProShares ETF also recorded inflows of $58 million. Outflows of $69 million were recorded from Grayscale Investments. Despite the overall positive flows to ETF products, iShares ETF recorded outflows of $1 million.

iShares ETF tops with a cumulative AUM of $22.2 billion implying a share of 26.9 percent. Though year-to-date outflows are more than $19 billion, Grayscale Investments still accounts for an AUM of $19.4 billion, which is 23.5 percent of the cumulative AUM of $82.6 billion. Fidelity commands an AUM of $10.5 billion, followed by 21Shares that has mobilized assets under management to the tune of $2.9 billion. The top 3 viz iShares, Grayscale Investments and Fidelity account for more than 63 percent of the total AUM.

The country-wise analysis shows massive weekly inflows of $416 million to United States. Switzerland has recorded inflows of $27.1 million followed by Germany that has received inflows of more than $10 million.

Of the cumulative AUM of $82.6 billion, $62.5 billion or 75.6 percent is in United States. Switzerland follows with AUM of more than $4.4 billion whereas Canada accounts for an AUM of $4.0 billion. Germany accounts for an AUM of $3.5 billion followed by Sweden with an AUM of $2.6 billion.

For More Cryptocurrency News, visit rttnews.com