Cryptos Subdued But Bitcoin Firm Above $30k

Cryptocurrencies declined less than a percent over the past 24 hours while Bitcoin traded firmly over the $30k level.

Overall crypto market capitalization is currently at $1.18 trillion versus the recent peak of $1.21 trillion scaled on June 24.

Bitcoin is currently trading at $30,534.06 versus the recent high of $31,389.54 touched on June 23. Though BTC has shed 0.5 percent overnight, weekly gains still exceed 15 percent. Bitcoin’s crypto market dominance is at 49.87 percent.

Ethereum declined 0.15 percent overnight to trade at $1,899.76. Ether has also gained more than 10 percent in the past week. Ether’s crypto market dominance has however slipped to 19.2 percent.

4th ranked BNB (BNB) edged up 0.2 percent overnight but is still saddled with weekly losses of almost a percent.

6th ranked XRP (XRP) dropped 2.2 percent overnight and 0.6 percent in the past week.

7th ranked Cardano (ADA) dropped 1.6 percent overnight. The crypto’s gains over the past week however exceed 12 percent.

8th ranked Dogecoin (DOGE) declined 1.4 percent overnight. The weekly gains however exceed 7 percent.

9th ranked Solana’s (SOL) is trading close to the flatline. Weekly gains are close to 9 percent.

10th ranked TRON (TRX) gained more than half a percent over the past 24 hours. Weekly gains are more than 6 percent over the past week.

19th ranked Bitcoin Cash (BCH) is the best performer, having gained 15.2 percent overnight despite the overall subdued sentiment in crypto sphere. BCH also topped weekly gains with a whopping 112-percent surge.

36th ranked NEAR Protocol NEAR also gained 10.7 percent overnight.

44th ranked Aave (AAVE) is the greatest laggard, having erased almost 12 percent on an overnight basis. 66th ranked Kava (KAVA) also declined 8.3 percent overnight.

Meanwhile, the CoinShares’ Digital Asset Fund Flows Weekly report on institutional investments showed a massive jump in inflows for the week ended June 23 in the backdrop of a renewed frenzy in Bitcoin-related ETF products. According to the report, digital asset investment products saw the largest single weekly inflows since July 2022, totaling $199 million, correcting almost half of the prior 9 consecutive weeks of outflows.

Bitcoin was the primary beneficiary, recording $187.6 million inflows representing 94 percent of the total flows. Ethereum products recorded inflows of $7.8 million. Short-bitcoin products saw outflows for the 9th consecutive week totaling $4.9 million.

The country-wise analysis shows inflows of $85.5 million in Germany and $58.9 million in the United States. Canada also recorded inflows of $45.3 million. Cumulative AUM stood at $36.97 billion.

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