The post Bitcoin Inflows Hit $920M as US Political Momentum Fuels Digital Asset Investments appeared on BitcoinEthereumNews.com.

Investment inflows into digital assets reached a whopping $901 million in October, comprising 12% of assets under management and marking the fourth-largest monthly inflows to date. With these additions, year-to-date inflows have reached $27 billion – almost triple the 2021 record of $10.5 billion. US Political Climate Drives Bitcoin Inflows According to the latest edition of CoinShares’ “Digital Asset Fund Flows Weekly Report,” the month’s inflows were overwhelmingly focused on Bitcoin, with a massive $920 million, while short-Bitcoin products saw minor outflows of $1.3 million. It appears that recent US political developments, especially rising support for Republicans, have significantly impacted Bitcoin’s current inflows and pricing. With $10.8 million in inflows, Solana was the second most popular choice among investors this week, while next up was multi-asset products which saw a recovery, drawing $2.1 million after the earlier setback. Altcoins such as Litecoin and XRP posted minor inflows as well, with $1 million and $0.8 million, respectively. In fact, blockchain equities, too, continued their upswing, marking their third week of inflows, which reached $12.2 million last week. While sentiment was positive for most assets, Ethereum bucked the trend with the largest outflow of $35 million last week. Cardano also saw minor outflows, amounting to $0.1 million. The US saw strong inflows of $906 million, leading globally, while Germany and Switzerland recorded positive inflows of $14.7 million and $9.2 million over the past week. Australia noted a modest $0.3 million in inflows. On the other hand, Sweden and Canada had the largest outflows at $12.7 million and $10.1 million, while Brazil and Hong Kong saw lesser outflows of $3.6 million and $2.7 million. Big Bet on November Election Donald Trump’s stance on digital assets has attracted widespread support from the crypto community, who view his potential presidency as a path to favorable…

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Filed under: News - @ October 28, 2024 4:28 pm