Cryptocurrency investment funds saw $2,2 billion in inflows last week, a CoinShares report revealed on Oct. 21. The inflows hit a milestone as the largest since July amid optimism over the U.S. presidential election.
“We believe this renewed optimism stems from rising expectations of a Republican victory in the upcoming US elections, as these are generally seen as more favorable to digital assets. This, in turn, has led to positive price momentum. As a result, trading volumes in investment products have increased by 30%, while price appreciation and inflows have brought total assets under management close to the $100 billion threshold,”
stated
CoinShares head of research James Butterfill.
No
report
released on October 14, Butterfill had already highlighted that the recent inflows occurred (US$407 million in the previous week) amid investor decisions, which were probably more influenced by the upcoming US elections, scheduled for November, than by the outlook for monetary policy.
Last week’s data highlighted that Bitcoin remained the top beneficiary, with inflows of $2,13 billion. Additionally, the report noted that the recent price appreciation has generated inflows of $12 million in bitcoin sales, marking the highest since March of this year.
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In its weekly development, the price of Bitcoin has increased by just 2.6% in the last seven days. At the time of publication, the price of Bitcoin is quoted at $67.440,16 with a decline of 1.6% in the last 24 hours.
The report also highlighted that Ethereum (ETH) also saw inflows of $58 million, while some altcoins also saw notable inflows, such as Solana ($2,4 million), Litecoin ($1,7 million) and XRP ($0,7 million). In addition, multi-asset products saw outflows of $5,3 million, marking the end of a 17-week streak of consecutive inflows.
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The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
