Cryptocurrencies shed more than 5 percent in the past 24 hours, dragging overall crypto market capitalization to $1.51 trillion. The collapse of Bitcoin below the pivotal $39 k level exacerbated the sell-off in altcoins, dragging overall market capitalization.
Bitcoin (BTC) slipped 4.8 percent in the past 24 hours to trade at $38,894.97, a level 43 percent below its all-time high. BTC had fallen to $38,631.64 earlier in the trade amidst continuing selloffs from the Grayscale Bitcoin Trust (GBTC) which was recently converted to a Bitcoin Spot ETF. Bitcoin's weekly losses are close to 10 percent whereas market dominance is at 50.3 percent.
Investor selloff in GBTC is being widely attributed to its 1.5 percent annual management fee which far exceeds the fees charged by other ETFs. The high discounts at which GBTC was available earlier has also vanished, apparently compelling investors to offload GBTC.
Ethereum (ETH) is currently trading at $2,215.98, after touching a 24-hour low of $2,201.13. Ether has shed 6.7 percent in the past 24 hours and 12.8 percent in the past week. Ether currently dominates 17.5 percent of the overall crypto market.
4th ranked BNB (BNB) and 6th ranked XRP (XRP) slipped a little more than 5 percent in the past 24 hours. 5th ranked Solana (SOL) slipped 9.9 percent. 8th ranked Cardano (ADA) dropped 7.6 percent whereas 9th ranked Dogecoin (DOGE) slipped 8.3 percent overnight.
55th ranked Sui (SUI) gained 2.6 percent in the past 24 hours despite the overall bearish sentiment. 70th ranked Chiliz (CHZ) and 69th ranked FTX Token (FTT) also added more than 1 percent in the same time span. FTX Token (FTT) gained amidst reports that FTX has offloaded its investments in the Grayscale Bitcoin Trust.
65th ranked SATS (1000SATS) slipped 14.7 percent in the past 24 hours to become the greatest laggard among the top 100 cryptocurrencies.26th ranked OKB (OKB) dropped 13.9 percent, followed by 56th ranked ORDI (ORDI) that slipped 12.6 percent.
Amidst the broad-based market sell-off, 31st ranked Optimism (OP), 63rd ranked Helium (HNT), 40th ranked Mantle (MNT), 68th ranked Astar (ASTR), 10th ranked Avalanche (AVAX), 92nd ranked WOO (WOO) and 95th ranked PancakeSwap (CAKE), all slipped more than 10 percent in the past 24 hours.
Meanwhile, the CoinShares' Digital Asset Fund Flows Weekly report on institutional investments showed an outflow of $20.8 million for the week ended January 19. The minor net outflow comes amidst inflow of $931 million to iShares ETF, $860 million inflows to Fidelity ETF and $656 million added to other ETFs. Outflows from Grayscale Investments stood at $2.23 billion. Month-to-date flows stood at $1.36 billion.
Bitcoin products recorded outflows of $24.7 million whereas Short Bitcoin products recorded inflows of $12.7 million. Ethereum-based products recorded outflows of $13.6 million. Solana products recorded outflows of $8.5 million followed by Litecoin products recorded outflows of $1.5 million.
Of the cumulative AUM of $52.2 billion, Bitcoin products account for AUM of $36.7 billion, followed by Ethereum products that constitute an AUM of $10.6 billion. An AUM of $707 million is attributed to Solana -based products and $316 million in Binance products.
The country-wise analysis shows inflows of $263 million to United States. Canada recorded outflows of $165 million, followed by outflows of $98 million from Germany, $20 million from Switzerland and $13 million from Sweden. Brazil added close to $7 million, and Australia saw inflows of $1 million.
Cumulative AUM stood at $52.2 billion of which $38.5 billion is in United States. Canada follows with AUM of $3.4 billion. Switzerland accounts for AUM of close to $3.2 billion, followed by Germany with $2.8 billion and Sweden with $2.4 billion.
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