Bitcoin rallied closer to its previous all-time high even as the broader crypto market showed mixed trends amidst a deteriorating U.S. fiscal outlook, surging Japanese bond yields, hotter-than-expected UK inflation, lingering geopolitical tensions and persistent policy uncertainty. Bitcoin touched a 24-hour high of $108,024 earlier in the trade.
Overall crypto market capitalization has increased 0.5 percent overnight to $3.35 trillion. The 24-hour trading volume has also decreased 1.2 percent to $128 billion.
Bitcoin rallied 0.9 percent overnight to trade at $106,211 which is 3 percent below the all-time high of $109,114 recorded on January 20. The 24-hour trading range was between $108,024 and $104,207. Bitcoin has been trading firmly above the $100,000 level for 13 days.
Inflows to Bitcoin-based Spot ETF products in the U.S. recorded $329 million on Tuesday versus $667 million on Monday. iShares Bitcoin Trust (IBIT) topped inflows with $288 million.
Ethereum declined 0.11 percent in the past 24 hours to trade at $2,525.55 which is 48 percent below the all-time high. Ether traded between $2,614 and $2,447 in the past 24 hours.
Ethereum-based Spot ETF products witnessed inflows of $65 million on Tuesday versus inflows of $14 million on Monday.
Bitcoin’s market share stands at 63.04 percent whereas Ethereum currently accounts for 9.1 percent of the overall crypto market.
Bitcoin is currently ranked 6th and Ethereum 35th in the ranking of all assets as per market capitalization published by companiesmarketcap.com.
4th ranked XRP lost 0.5 percent during the past 24 hours as it changes hands at $2.33.
5th ranked BNB added half a percent whereas 6th ranked Solana edged up 0.2 percent during the past 24 hours. 8th ranked Dogecoin and 9th ranked Cardano both gained more than 1.5 percent overnight. 10th ranked TRON witnessed a price decline of 0.47 percent in the past 24 hours.
37th ranked OFFICIAL TRUMP (TRUMP) topped overnight gains among the top 100 cryptocurrencies with an addition of 9.8 percent. 25th ranked Pi (PI) followed with gains of 6.9 percent.
95th ranked Pyth Network (PYTH) is the greatest laggard among the top 100 cryptocurrencies with an overnight decline of 4.9 percent. 30th ranked Aave (AAVE) also declined 4.3 percent in the past 24 hours.
Meanwhile, the CoinShares’ Digital Asset Fund Flows Weekly report for the week ended May 17 showed inflows of $785 million as compared with inflows of $882 million during the prior week.
Year-to-date inflows have increased to $7.52 billion whereas the assets under management have jumped to $172.9 billion. According to the report, Bitcoin topped flows by asset and United States topped flows by country during the past week.
Bitcoin-based products recorded inflows of $557 million followed by Ethereum-based products that witnessed inflows of $205 million. Sui-based products recorded inflows of $9.3 million. Short Bitcoin products recorded inflows of $5.9 million whereas XRP-based products recorded inflows of $4.9 million. Multi-asset products however witnessed a decline of $2.86 million.
Multi-asset products, Chainlink products and Short Bitcoin products continue to record negative flows on a year-to-date basis.
More than 85.5 percent of the cumulative AUM of $172.9 billion is attributed to Bitcoin products that account for an AUM of $148 billion. Bitcoin’s dominance of crypto market is much lower, at close to 63 percent.
AUM of Ethereum-based products stood at $13.8 billion. Multi-asset portfolios command assets under management of $6.8 billion. An AUM of $1.6 billion is attributed to Solana-based products. XRP-based products have AUM of $1.42 billion followed by Sui-based products with an AUM of $332 million.
United States witnessed inflows of $681 million. Germany saw inflows of $86.3 million followed by Hong Kong that recorded inflows of $24.2 million. Australia recorded inflows of $13.5 million. Sweden recorded outflows of $16.3 million followed by Canada that witnessed outflows of $13.5 million.
Of the cumulative AUM of $172.9 billion, $131.2 billion or 75.6 percent is in United States. Canada follows with an AUM of $6.2 billion whereas Switzerland accounts for an AUM of $6.1 billion. Germany accounts for an AUM of $6 billion followed by Sweden with an AUM of $3.6 billion.
Sweden, Switzerland and Hong Kong have recorded net outflows over the year-to-date period.
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