US Elections Propel $2.2B Inflows into Digital Assets, Bitcoin (BTC) Leads
The recent US elections have sparked $2.2 billion in inflows into digital assets, with Bitcoin and Ethereum witnessing significant activity, according to CoinShares.
US Elections Propel $2.2B Inflows into Digital Assets, Bitcoin (BTC) Leads
Jessie A Ellis Nov 18, 2024 10:24
The recent US elections have sparked $2.2 billion in inflows into digital assets, with Bitcoin and Ethereum witnessing significant activity, according to CoinShares.
The aftermath of the recent US elections has triggered a remarkable influx of $2.2 billion into digital assets, as reported by CoinShares. This influx has propelled the year-to-date inflows to an unprecedented $33.5 billion, with total assets under management (AuM) reaching a new high of $138 billion.
Significant Inflows and Outflows
During the first half of the week, digital asset inflows reached $3 billion. However, the latter half saw a reversal with outflows amounting to $866 million, attributed to Bitcoin's (BTC) price reaching all-time highs. Bitcoin itself attracted $1.48 billion in inflows, alongside $49 million directed towards short Bitcoin products.
Ethereum and Other Assets
Ethereum (ETH) experienced a resurgence, garnering $646 million in inflows, which constitutes 5% of its AuM. This rebound is partly credited to the Beam Chain network upgrade proposal by Justin Drake, as well as the influence of the US elections. Solana (SOL) also saw a positive inflow of $24 million.
Regional Investment Dynamics
Regionally, the United States led with $2.2 billion in inflows, followed by Hong Kong, Australia, and Canada, which saw inflows of $27 million, $18 million, and $13 million respectively. Conversely, investors in Sweden and Germany capitalized on profits, resulting in outflows of $58 million and $6.8 million.
This recent surge in investment activity underscores the impact of a more relaxed monetary policy and the Republican party's clean sweep in the elections, as noted by CoinShares. The digital asset market continues to evolve, reflecting a blend of geopolitical events and technological advancements.
For more detailed insights, visit the official CoinShares website.
Image source: ShutterstockDisclaimer: 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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