{"id":50573,"date":"2024-09-17T10:19:31","date_gmt":"2024-09-17T10:19:31","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2024\/09\/17\/cryptos-trade-mixed-ahead-of-fed-decision\/"},"modified":"2024-09-17T10:19:31","modified_gmt":"2024-09-17T10:19:31","slug":"cryptos-trade-mixed-ahead-of-fed-decision","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2024\/09\/17\/cryptos-trade-mixed-ahead-of-fed-decision\/","title":{"rendered":"Cryptos Trade Mixed Ahead Of Fed Decision"},"content":{"rendered":"
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Major cryptocurrencies are trading mixed as markets<\/span> 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.<\/p>\n

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. <\/p>\n

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.<\/p>\n

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.<\/p>\n

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. <\/p>\n

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. <\/p>\n

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

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. <\/p>\n

8th ranked Dogecoin (DOGE) declined more than 1 percent overnight to trade at $0.1008.<\/p>\n

9th ranked Toncoin (TON) slipped 0.99 percent overnight. TON is currently trading at $5.49. <\/p>\n

TRON (TRX) ranked 10th overall has gained 0.8 percent in the past 24 hours to trade at $0.1501. <\/p>\n

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. <\/p>\n

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. <\/p>\n

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. <\/p>\n

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. <\/p>\n

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. <\/p>\n

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. <\/p>\n

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. <\/p>\n

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. <\/p>\n

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. <\/p>\n

For More Cryptocurrency News, visit rttnews.com <\/p>\n<\/p>\n<\/div>\n