cryptopolitan.com
Crypto investment products recorded inflows of $407 million, according to the latest report from CoinShares.
As per the report, this influx of capital appears to be driven more by the upcoming US elections than traditional monetary policy factors.
Bitcoin leads the pack in crypto inflows
Bitcoin emerged as the primary beneficiary of this investment inflow, attracting $419 million in inflows. The report suggests that recent political shifts, particularly in the United States, have played a crucial role in driving these investments.
Interestingly, the report highlights that stronger-than-expected economic data had little impact on stemming outflows.
Instead, the latest US vice presidential debate and a slow shift in polling towards the Republicans, led to an immediate boost in both inflows and prices. This is in a perception that Republicans are more pro-crypto.
United States enjoyed $406 million inflow
The United States accounted for a staggering $406 million of the total inflows. Interestingly, Canada was the only other country with notable inflows, recording $4.8 million.
In contrast to Bitcoin’s strong performance, short-Bitcoin investment products experienced outflows of $6.3 million.
Multi-asset investment products continued their positive trend, marking their 17th consecutive week of inflows, but with a modest $1.5 million. Ethereum, however, resumed its trend of outflows, with $9.8 million leaving Ethereum-focused products last week.
Blockchain equity ETFs also saw major interest, recording one of their largest weekly inflows this year at $34 million. This surge in blockchain equity investments is likely a response to the rise in Bitcoin price recently.
According to CoinGecko data, Bitcoin is up by 2.5% in the last 24 hours. At press time, BTC is trading at $64,400 after surging from its 24 hour low of $62,000.
In the last seven days, BTC fell as low as $59,000. But this week started on a positive note as the overall crypto market cap has surged alongside the prices of Bitcoin, Ethereum and other top altcoins.