Key Takeaways
- U.S. spot Bitcoin and Ethereum ETFs command a combined $115.04 billion in net assets.
- Ripple has added over $120 billion to its market cap since the beginning of November.
- Bitcoin’s dominance is down by around 5%, and the Crypto Fear and Greed Index is currently pointing to “Greed.”
The tides of crypto are shifting after Bitcoin’s (BTC) month-long reign over the markets appears to finally be cooling off, giving Ethereum (ETH), Ripple (XRP), and other altcoins a chance to shine.
Bitcoin Dominance
As per the latest CoinShares report, institutional crypto products remain a significant driver of flows, and total digital asset inflows for 2024 have now reached a record-breaking $37.3 billion.
That said, Bitcoin’s dominance is beginning to falter as it continues to test the coveted psychological level of $100,000.
As a result, BTC saw some $457 million in outflows, the largest since the beginning of September.
A drop was anticipated as the billions in weekly net inflows pouring into Bitcoin exchange-traded funds (ETFs) had to cool off at some point.
Between Nov. 1 and Dec. 2, BTC ETFs have recorded $9.11 billion in net inflows, raising their total assets to a gigantic $103.91 billion, representing 5.49% of BTC’s market cap.
This is also reflected in the Bitcoin Dominance chart. On Nov. 3, BTC dominance stood at 59.1% and is down to 54.4% as of Dec. 3.
Ethereum and Alts
As expected, it would appear that a swift round of profit-taking took hold of the market as investors swapped their gains into Ethereum and other altcoins.
Notably, ETH products pulled a solid $634 million, driving year-to-date (YTD) inflows to $2.2 billion.
Ethereum ETFs played a significant role in this week’s results.
Last week, funds recorded their second-largest week of net inflows, totaling $466.53 million.
As of Dec. 2, ETH ETFs command $11.13 billion in net assets.
Ripple also caught major inflows, which has sent XRP’s price and market cap soaring.
After years of having its price suppressed by its lengthy battle with the U.S. Securities and Exchange Commission (SEC), it would appear that an end is in sight.
Now that SEC Chairman Gary Gensler is set to depart on Jan. 20, 2025, and a number of spots for XRP ETF applications are pouring into the regulator, investors are extremely bullish on XRP, which has now overtaken Tether (USDT) as the third-most valuable crypto by market cap with $150.18 billion.
Eddie is a gaming and crypto writer at CCN. Covering the often weird and wonderful world of Web3 with an adoring, but skeptical eye.
Prior to CCN, Eddie has spent the past seven years working his way through the crypto, finance, and technology industry. He began with PR and journalism with Bitcoin PR Buzz and BitcoinNews.com, eventually working his way to become a copywriter with a dozen firms, including the likes of Polkadot before returning to journalism in 2023.
Having studied Radio production and journalism at University in the UK, Eddie spent a few years making podcasts and presenting on a local London radio station as he built up his writing chops.
A lifelong skateboarder, Eddie can often be found at the skatepark or touring the streets looking for something new to try. That, or kicking back playing JRPGs on his original PSP.
