Global cryptocurrency funds managed by financial giants such as BlackRock, Fidelity and Grayscale are on the rise. According to a report from CoinShares released on Monday (October 28), these funds received a total of US$901 million in net inflows in the last week alone.
In October, the sector registered an impressive 3.36 billion USD in investments in crypto-related financial products. This amount represents 12% of assets under management and is the fourth largest month of inflows on record for these funds.
This year has been a historically positive year for cryptocurrency investments, with a cumulative value of 27 billion USD. This figure is almost three times higher than the previous record of 10.5 billion USD set in 2021.
US leads with 906 million USD in net inflows
Bitcoin-focused funds continue to dominate the global investment landscape, racking up an impressive 920 million USD in weekly net inflows.
In the United States, spot-priced Bitcoin ETFs saw a strong inflow of 997.6 million USD in the last week alone, with BlackRock’s IBIT fund leading the way. When combined with other cryptocurrency investment products in the country, the total net inflows reached 906 million USD.
On the other hand, while Bitcoin-focused funds are growing, some funds with short positions in the cryptocurrency have seen a modest net outflow of 1.3 million USD. Funds related to blockchain stocks and Solana have also seen weekly increases of 12.2 million and 10.8 million USD, respectively.
The scenario for Ethereum is different. Funds based on the second-largest cryptocurrency reported weekly net outflows of 34.7 million USD, influenced by the drop in the ETH/BTC ratio, which reached its lowest level since April 2021.
And despite Bitcoin’s impressive growth in the United States, other Bitcoin funds in countries including Sweden, Canada, Brazil and Hong Kong have seen combined outflows of 29.1 million USD.
Meanwhile, Bitcoin’s value continues to rise. The cryptocurrency is currently trading at 68,554 USD, up 2.2% in the last 24 hours. This is an 8.2% monthly gain and an impressive 62.2% increase so far in 2023.
Republican growth drives Bitcoin and cryptocurrency investments
The political landscape in the United States is increasingly weighing on Bitcoin’s price and cryptocurrency investment flows, noted James Butterfill, head of research at CoinShares.
The analyst highlights that the recent increase in investments appears to be linked to the Republicans’ advance in the polls, reflecting a market bet on the more favorable policies towards cryptocurrencies, defended by Donald Trump.
According to decentralized prediction platform Polymarket, Trump leads the presidential race against Democratic candidate Kamala Harris, with a 66.5% chance of victory, compared to Harris’ 33.4%.
Additionally, the former president is ahead in all six swing states. The platform also projects an 84% Republican majority in the Senate and a tight race for the House, with a slight Republican advantage.
However, the national situation reveals a tight election. The average of polls from the FiveThirtyEight website shows Harris with a small lead over Trump, with 48.1% of voting intentions against 46.7% for the former president.
This margin is very close to a technical tie and has been larger in the past: in August, Harris led by a margin of 3.7%. Analysts believe that as the race intensifies, the cryptocurrency market should continue to react to each major movement in the polls.
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