The post Crypto Investment Inflows Hit $901 Million Amid US Election Hype appeared on BitcoinEthereumNews.com.

Crypto investment inflows reached $901 million last week, a significant setback from the previous week’s positive flows. Nevertheless, it adds to the series of inflows as the political climate intensifies in the run-up to the US elections. Among digital assets, Bitcoin attracted nearly all attention, drawing in $920 million in inflows. Notably, this shift did not extend to short-Bitcoin positions, which experienced minor outflows totaling $1.3 million. This indicates investors’ prevailing confidence in Bitcoin’s upward trajectory. Political Momentum Boosts Crypto Investment Inflows Amid heightened anticipation of potential political shifts in the US, digital asset investment products have continued with positive flows. The latest CoinShares report reveals an influx of $901 million into these assets. With these numbers, October is effectively the fourth-largest month on record for inflows, bringing this year’s cumulative inflows to $27 billion. Noteworthy, this is nearly triple the previous high of $10.5 billion set in 2021. The traction highlights the increased enthusiasm around cryptocurrency investments as the election cycle in the US intensifies. Specifically, the bulk of this month’s inflows, amounting to $906 million, originated in the US, setting a stark disparity against other regions. Read more: How To Buy Bitcoin (BTC) and Everything You Need To Know Crypto Investment Inflows, Source: CoinShares CoinShares’ researcher James Butterfill ascribes to the influence of domestic political developments in the US on the crypto market. Specifically, the researcher highlights politics-centric factors driving the current surge, notably the upcoming 2024 presidential election. “We believe that current Bitcoin prices and flows are heavily influenced by US politics, with the recent surge in inflows likely linked to the Republicans poll gains,” a paragraph in the report reads. The general sentiment is that the Republican side of the political divide could alter regulatory and tax policies in ways that could benefit the digital asset space.…

---

Filed under: News - @ October 28, 2024 2:20 pm