Bitcoin, Ethereum Inflows Surge As Crypto Fund Flows Hit $116 Billion Record High
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CoinShares, a leading crypto asset management firm, released its latest “Digital Asset Fund Flows Weekly Report,” highlighting a notable surge in investment inflows following the US elections. $116 Billion Record High Crypto Fund Flows The report revealed that digital asset investment products attracted $1.98 billion in inflows, bringing global assets under management (AuM) to a record high of $116 billion. This marks the fifth consecutive week of inflows, pushing year-to-date figures to $31.3 billion. The surge in inflows was primarily concentrated in the United States, which accounted for $1.95 billion of the total, driven by favorable macroeconomic conditions and political shifts, specifically the triumph of Donald Trump emerging as the 47th president of the United States. Crypto asset fund flows by region. | Source: CoinShares Europe also saw moderate inflows, with Switzerland and Germany recording $23 million and $20 million, respectively. Notably, Bitcoin led the charge with $1.8 billion in inflows, supported by factors such as the US Federal Reserve’s decision to cut interest rates earlier this cycle. James Butterfill, Head of Research at CoinShares, particularly attributed the strong investor sentiment to macroeconomic support and significant changes in the US political landscape. Butterfill wrote in the report: A combination of a supportive macro environment and seismic shifts in the US political system being the likely reason for such supportive investor sentiment. Ethereum And Altcoins See Renewed Investor Interest The report also highlighted a marked improvement in sentiment for Ethereum. The leading altcoin saw inflows totaling $157 million, marking its largest weekly inflow since the Ethereum-based exchange-traded funds (ETFs) launch in July 2024. This reversal of fortune for Ethereum, which had been experiencing lackluster performance, signals renewed investor confidence in the asset’s prospects. Crypto asset fund flows. | Source: CoinShares Altcoins were not left out of the influx. Solana attracted $3.9…
Filed under: News - @ November 12, 2024 2:21 am