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‘Electoral euphoria’ results in $2.2 billion inflows into crypto funds
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Crypto investment products saw inflows of $2.2 billion last week, bringing year-to-date inflows to a record $29.2 billion.
As CoinShares pointed out in its weekly report published this Monday (04), new inflows and recent price appreciation have increased total assets under management (AuM) to more than US$100 billion for the second time in history. The current mark equals levels seen in early June 2024 at $102 billion.
According to CoinShares, trading volumes increased 67% week over week to $19.2 billion. This represents 35% of total Bitcoin trading on trusted exchanges.
Regionally, the United States saw $2.2 billion in inflows last week. Meanwhile, Germany also saw small inflows of $5.1 million.
Investments in crypto fund rise with elections approaching
CoinShares said it believes euphoria surrounding the prospect of a Republican victory was the likely reason for these inflows. This is because investments took place in the first few days of last week, as polls changed.
“We saw small outflows on Friday, highlighting how sensitive Bitcoin is to the US elections at the moment,” the firm said.
On the other hand, Canada saw outflows of $24.4 million, Brazil withdrew $500,000 from crypto funds, Sweden saw outflows of over $20 million, and Switzerland saw withdrawals of $13.8 million. million.
Bitcoin was almost the only beneficiary among all cryptocurrencies. The world’s largest digital asset by market value saw $2.2 billion in inflows last week, although recent price appreciation also prompted inflows of $8.9 million in shorted Bitcoins.
Ethereum, meanwhile, saw tepid inflows totaling $9.5 million and remains in stark contrast to the rally seen in Bitcoin or Solana, which saw a further $5.7 million in inflows last week. A range of altcoins saw smaller entries, the most notable being Polkadot ($670K) and Arbitrum ($200K).
‘Electoral euphoria’ results in $2.2 billion inflows into crypto funds
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‘Electoral euphoria’ results in $2.2 billion inflows into crypto funds
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‘Electoral euphoria’ results in $2.2 billion inflows into crypto funds
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‘Electoral euphoria’ results in $2.2 billion inflows into crypto funds
