By Nermeen Nabil Khear The excitement surrounding a potential Republican victory spurred $2.2 billion in weekly inflows, pushing year-to-date inflows to a whopping $29.2 billion. This increase, along with rising prices, propelled assets under management past $100 billion. Interestingly, this level was last seen in early June 2024, when AuM hit $102 billion.
As a result, the trading volume surged 67% over the week, totaling $19.2 billion and comprising 35% of all bitcoin trading on reliable exchanges.
Republican Win Anticipation Propel Massive Inflows
According to the latest edition of Digital Asset Fund Flows Weekly Report, nearly all of last week’s inflows went to Bitcoin, which attracted $2.2 billion. Meanwhile, price increases sparked $8.9 million into short-bitcoin investments.
Ethereum received a modest $9.5 million, which lags behind the stronger enthusiasm for Bitcoin and Solana, the latter seeing $5.7 million in new funds. Among other altcoins, Polkadot and Arbitrum recorded inflows of $0.67 million and $0.2 million, respectively.
On the other hand, multi-asset products faced a setback, with $3.1 million in outflows after recovering the previous week. Following suit, Litecoin and XRP also faced outflows of $0.8 million and $0.1 million, respectively, over the past week.
Bitcoin’s Sensitivity to US Election Outcome
Bitcoin has reacted positively as optimism builds around the possibility of Donald Trump, a self-proclaimed pro-crypto candidate, securing a second term. CryptoPotato also recently reported that traders are placing significant bets on Trump’s chances of victory. Large crypto investors, in particular, are backing their beliefs with investments tied to the upcoming election.
Coinshares report also validated this sentiment as it revealed weekly inflows reaching $2.2 billion in the US, driven by early-week enthusiasm over Republican election prospects. However, as polls shifted later in the week, slight outflows on Friday underscored Bitcoin’s sensitivity to US election outcomes.
On a more global scale, Germany also recorded a smaller inflow of $5.1 million. Australia and Hong Kong settled with $2.1 million and $0.7 million inflows over the past week. Canada and Sweden recorded the largest outflows with $24.4 million and $20.3 million respectively, followed by Switzerland with $13.8 million. Brazil also saw a minor outflow of $0.5 million.
The post Election Euphoria Sparks $2.2 Billion Inflows, With Bitcoin as the Sole Beneficiary appeared first on CryptoPotato.
Bitcoin emerged as the primary beneficiary, receiving $2.2 billion in inflows, while Ethereum and altcoins attracted significantly smaller investments. AA News, Crypto News, Bitcoin (BTC) Price, Donald Trump, Kamala Harris, US
This articles is written by : Nermeen Nabil Khear Abdelmalak
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