Cryptos Decline Amidst Fed Comments, Wait For SEC Approval

Cryptocurrencies declined more than 2 percent in the past 24 hours even as markets continued to wait for an SEC approval for Bitcoin Spot ETF products. Not-so-dovish comments by Fed officials that tried to push back on early rate cut expectations also weighed on sentiment.

The Securities and Exchange Commission is expected to take a decision before January 10 on the initial Bitcoin Spot ETF applications submitted to it. These include Cathie Wood’s ARK Investment and 21Shares.

Overall crypto market capitalization dropped to $1.54 trillion, from $1.58 trillion a day earlier.

Bitcoin (BTC) slipped 1.4 percent in the past 24 hours to trade at $41,238.79.
Ethereum (ETH) also shed 2.8 percent overnight, dragging prices to $2146.60.
BNB (BNB) slipped 1.8 percent in the past 24 hours and is the highest ranking crypto to trade with year-to-date losses. BNB has shed 4BNB has shed more than 4 percent in 2023.

XRP (XRP), Solana (SOL) and TRON (TRX) lost more than 3 percent in the past 24 hours.
SOL is the highest ranking crypto trade with weekly gains.

Cardano (ADA), Avalanche (AVAX), Dogecoin (DOGE) and Polkadot (DOT) all declined more than 5 percent in the past 24 hours.

92nd ranked Astar (ASTR) added more than 27 percent in the past 24 hours. 44th ranked Stacks (STX) also rallied more than 11 percent.

40th ranked Celestia (TIA) and 50th ranked SATS (1000SATS) dropped close to 14 percent in the past 24 hours. 20th ranked Internet Computer (ICP) slipped 10.4 percent overnight.

Meanwhile, the CoinShares’ Digital Asset Fund Flows Weekly report on institutional investments showed outflows of $15.8 million for the week ended December 16. Month-to-date flows stood at $55.6 million whereas year-to-date flows aggregated $1.87 billion.
Bitcoin products recorded outflows of $32.8 million. Ethereum-based products recorded outflows of $4.3 million. However, Solana products recorded inflows of close to $10.6 million. Cardano products too recorded inflows of $3 million followed by XRP products that recorded inflows of $2.7 million. Avalanche recorded outflows of $1 million.

The country-wise analysis shows inflows of $9.1 million to Switzerland, $6.9 million to Canada and $3.5 million to Brazil. Australia also recorded inflows of $1 million.
United States witnessed outflows of $18.3 million, followed by Germany that recorded outflows of $ 9.7 million. Sweden also recorded outflows of $4 million.

Cumulative AUM stood at $50.2 billion of which $36.7 billion is in United States. Canada follows with AUM of $3.5 billion. Switzerland accounts for AUM of close to $3.1 billion, followed by Germany with $2.8 billion and Sweden with $2.4 billion.

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