Optimism for Republican Win Drives $2.2 Billion in Weekly Inflows into BTC, ETH Products
As the US presidential race becomes more intense with less than a month away until Election Day, data from last week suggests that digital asset inflows have surged to $2.2 billion.
This figure marked the highest level since July, spurred by optimism for a potential Republican success in the election.
Inflows Surge Amid US Election Optimism
According to the latest edition of CoinShares Digital Asset Fund Flows Weekly Report, the trading volumes of investment products have surged by 30%, resulting in price appreciation, bringing total assets under management close to the $100 billion mark. The distribution of these inflows, however, varied greatly by region. The United States was a clear leader for the week, recording inflows of $2.3 billion.
The digital asset manager stated,
We believe this renewed optimism stems from growing expectations of a Republican victory in the upcoming US elections, as they are generally viewed as more supportive of digital assets.
Australia also saw a modest inflow of $1.4 million and emerged as the only other country to experience a positive flow. On the other hand, almost all other nations recorded minor outflows, with Canada, Sweden, and Switzerland leading with $20 million, $18 million, and $15 million outflows, respectively.
Additionally, Brazil and Germany also experienced outflows of $9 million and $6 million, while Hong Kong had a minor outflow of $1.5 million during the same period.
Bitcoin Leads While Multi-Asset Products Face Setback
Bitcoin led the market with inflows totaling $2.13 billion over the past week. The price increase also sparked interest in short-bitcoin products, which attracted $12 million. Interestingly, this was the largest inflow since March. Ethereum, too, benefited, recording $58 million in inflows.
Several altcoins followed suit, with Solana pulling in $2.4 million, Litecoin seeing $1.7 million, and XRP bringing in $700,000. Contrastingly, multi-asset products faced weekly outflows of $5.3 million, bringing an end to their impressive 17-week streak of continuous inflows.
Cardano and Binance also recorded outflows of $1.5 million and $0.8 million respectively.
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Text source: CryptoPotato
