As the US presidential race heats up with less than a month to go before Election Day, data from last week suggests digital asset inflows have risen to $2.2 billion.
This figure marked the highest level since July, driven by optimism about a possible Republican success in the elections.
Capital inflows increase amid electoral optimism in the US
According to the latest edition of CoinShares Digital asset fund flows weekly ReportTrading volumes for investment products have increased by 30%, leading to price appreciation, bringing total assets under management closer to the $100 billion mark. However, the distribution of these entries varied greatly by region. The United States was a clear leader during the week, recording receipts of 2.3 billion dollars.
The digital asset manager stated:
“We believe this renewed optimism is due to rising expectations of a Republican victory in the upcoming US elections as they are generally seen as more supportive of digital assets.”
Australia also recorded a modest inflow of $1.4 million and emerged as the only other country to experience a positive inflow. On the other hand, almost all other nations recorded smaller outflows, with Canada, Sweden and Switzerland leading the way with outflows of $20 million, $18 million and $15 million, respectively.
Additionally, Brazil and Germany also experienced outflows of $9 million and $6 million, while Hong Kong had a smaller outflow of $1.5 million during the same period.
bitcoin leads as multi-asset products face setback
bitcoin led the market with inflows totaling $2.13 billion over the past week. The price increase also sparked interest in bitcoin shorts, which attracted $12 million. Interestingly, this was the largest entry since March. ethereum also benefited, recording inflows of $58 million.
Several altcoins followed suit: Solana raised $2.4 million, Litecoin raised $1.7 million, and XRP raised $700,000. In contrast, multi-asset products faced weekly outflows of $5.3 million, ending their impressive 17-week streak of continuous inflows.
Cardano and Binance also recorded outflows of $1.5 million and $0.8 million respectively.
Binance Free $600 (CryptoPotato Exclusive) – Use this link to register a new account and receive an exclusive welcome offer of $600 on Binance (full details).
LIMITED OFFER 2024 on BYDFi Exchange: Welcome reward up to $2,888, use this link to register and open a position of 100 USDT-M for free!
<!– ai CONTENT END 1 –>
