Bitcoin sees $2.2 billion inflow ahead of election
Bitcoin (CRYPTO:BTC) attracted significant investor interest last week, receiving $2.2 billion in inflows, according to the latest Digital Asset Fund Flows Weekly Report.
Anticipation around a potential Republican election victory has spurred interest in Bitcoin, with inflows pushing total assets under management (AuM) beyond $100 billion for the first time since June 2024.
This week’s rise in AuM brings the year-to-date total to $29.2 billion.
The excitement surrounding Bitcoin has also led to a 67% surge in trading volume, totaling $19.2 billion, which represents 35% of all Bitcoin trades on verified exchanges.
While Bitcoin dominated inflows, other assets saw limited gains.
Ethereum (CRYPTO:ETH) received $9.5 million, followed by Solana (CRYPTO:SOL) with $5.7 million.
In comparison, smaller inflows were recorded for Polkadot (CRYPTO:DOT) at $0.67 million and Arbitrum (CRYPTO:ARB) at $0.2 million.
Meanwhile, some assets saw outflows, with multi-asset products facing a $3.1 million outflow after gains the previous week.
Litecoin (CRYPTO:LTC) and XRP (CRYPTO:XRP) also experienced minor outflows of $0.8 million and $0.1 million, respectively.
According to Coinshares, the inflows were particularly driven by optimism around Donald Trump’s potential return to office, as he has been noted for his pro-crypto stance.
“Traders are placing significant bets on Trump’s chances of victory,” the report highlighted, with substantial investments tied to his prospects.
However, slight outflows on Friday indicated Bitcoin’s sensitivity to changing poll numbers as the election approaches.
Internationally, Bitcoin inflows varied, with Germany receiving $5.1 million, Australia $2.1 million, and Hong Kong $0.7 million.
Canada and Sweden, however, saw the highest outflows, with $24.4 million and $20.3 million, respectively, followed by Switzerland with $13.8 million.
Brazil also recorded a smaller outflow of $0.5 million.
At the time of reporting, the Bitcoin (BTC) price was $67,716.94.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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