Cryptos Gains As ETF Hope Supports

Cryptocurrencies gained more than 1 percent in the past 24 hours as hopes of an ETF-led infusion into the digital assets market buoyed crytpo sphere. Overwhelming expectations of a pause by the Fed in its review to be announced on November 1 also supported sentiment.

Overall crypto market capitalization increased 1.4 percent overnight to $1.28 trillion, whereas the 24-hour trading volume jumped 68 percent to $35.5 billion. Among the top-100 cryptocurrencies, only one cryptocurrency is trading with overnight losses in excess of 1 percent whereas only three are trading with weekly losses in excess of 1 percent.

Bitcoin gained more than half a percent in the past 24 hours and more than 13 percent in the past week to trade at $34,638.20. Year-to-date gains still exceed 109 percent. The leading cryptocurrency traded firmly above the $34k level in the past 24 hours, ranging between $34,175 and $34,819. Bitcoin’s crytpo market dominance is currently at 52.90 percent.

Ethereum too added more than 1 percent in the past 24 hours and 8 percent in the past week to trade at $1,816.78. Ether has gained 51.6 percent in 2023. Ether currently dominates 17.1 percent of the overall crypto market.

49th ranked THORChain (RUNE) and 70th ranked Gala (GALA) topped overnight gains with a surge of more than 9 percent. 7th ranked Solana (SOL) added 8.1 percent followed by 24th ranked Monero (XMR), 97th ranked Arweave (AR) and 50th ranked Algorand (ALGO), all of which gained more than 6 percent in the past 24 hours.

73rd ranked Pepe (PEPE) topped weekly gains with a surge of more than 60 percent. 65th ranked Mina (MINA) added 52 percent followed by 70th ranked Gala (GALA) that has rallied 46 percent.

44th ranked Injective (INJ) topped year-to-date gains with a leap of 988 percent. 69th ranked Conflux (CFX) added 639 percent, followed by 46th ranked Render (RNDR) that has gained 540 percent.

Meanwhile, the CoinShares’ Digital Asset Fund Flows Weekly report on institutional investments showed massive inflows of $326 million for the week ended October 27. Month-to-date flows increased to $484 million whereas year-to-date flows increased to $587 million.

Bitcoin products recorded inflows of $296 million followed by Solana products that recorded inflows of $23 million. Persisting with the trend in the previous week, Ethereum-based products recorded outflows of more than $6 million. Short Bitcoin products recorded inflows of more than $15 million.

The country-wise analysis shows inflows of $134 million to Canada, $82 million to Germany and $50 million to Switzerland. United States recorded inflows of close to $38 million.

Cumulative AUM stood at $37.5 billion of which $28.6 billion is in United States. Canada and Switzerland account for AUM of more than $2.2 billion each followed by Sweden and Germany that account for AUM of close to $1.9 billion each.

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