Bitcoin Inflows Hit $920M as US Political Momentum Fuels Digital Asset Investments
Bitcoin experienced notable inflows and pricing shifts this month primarily driven by heightened Republican support amid recent US political changes.
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 regulations. This support has led traders and major investors to make substantial bets on his November election odds.
Trump currently holds a strong lead of over 66% on Polymarket, a leading blockchain-based betting platform, with a mystery investor – adding another $2 million in USDC to pro-Trump bets, bringing their total stake to $7.22 million, as tracked by on-chain intelligence firm Lookonchain.
The post Bitcoin Inflows Hit $920M as US Political Momentum Fuels Digital Asset Investments appeared first on CryptoPotato.
What's Your Reaction?
