Cryptos Continue ETF-led Rally

Cryptocurrencies gained more than 2 percent in the past 24 hours amidst hopes of a potential SEC greenlighting for Spot ETF products, triggering a bullish momentum in the overall crypto market.

Overall crypto market capitalization jumped to 1.42 trillion, from $1.39 trillion a day earlier.

Bitcoin (BTC) traded between $37,509.36 and $36,414.60 during the past 24 hours. It is currently trading at $36,906.24, recording overnight gain of 1.3 percent, weekly gain of 0.1 percent and year-to-date gain of 123 percent. Bitcoin now commands 51.3 percent of the overall crypto market capitalization.

Ethereum (ETH) traded between a high of $2,042.79 and a low of $1,948.85 in the past 24 hours. At its current price of $2,006.74, Ether has recorded overnight gains of 2.9 percent, weekly losses of 2.6 percent and year-to-date gains of 68 percent. Ether’s crypto market dominance now stands at 17.1 percent.

Meanwhile, the CoinShares’ Digital Asset Fund Flows Weekly report on institutional investments showed inflows of $176 million for the week ended November 17. Month-to-date flows stood at $743 million whereas year-to-date flows increased to $1.32 billion.

Bitcoin products recorded inflows of $155 million. Ethereum-based products recorded negligible inflows of $3.3 million. Solana products recorded inflows of close to $14 million. Short Bitcoin products recorded outflows of $8.5 million.

The country-wise analysis shows inflows of $98 million to Canada, $63 million to Germany and $35 million to Switzerland. United States recorded outflows of $19 million.

Cumulative AUM stood at $43.2 billion of which $31.7 billion is in United States. Canada and Switzerland account for AUM of around $2.6 billion each followed by Sweden and Germany that account for AUM of more than $2 billion each.

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