As a seasoned analyst with years of experience in the financial markets, I find the recent surge in cryptocurrency investment products inflows to be an intriguing development. The $2.2 billion weekly inflows recorded since July is a significant figure and suggests that the digital asset class continues to gain traction among investors.
Investment products related to cryptocurrencies have seen their largest weekly influxes since last July, reaching a total of $2.2 billion, as reported by the digital asset management company, CoinShares.
Investment in digital products is showing continued growth as optimism builds about a possible victory for the Republican party in the upcoming U.S. elections, according to the latest report from CoinShares published on October 21st.
According to James Butterfill, the head of research at CoinShares, there’s an increasing confidence that the Republicans will win the upcoming U.S. elections, primarily because they are perceived as being more favorable towards digital assets, which is likely fueling this newfound optimism.
US leads investments with $2.3 billion inflows
During the week of October 12th to 18th, the US dominated the increase in crypto investment, totaling a whopping $2.3 billion. In contrast, regions such as Canada and Sweden experienced outflows worth $19.9 million and $18.2 million respectively. Interestingly, Australia was the exception, registering inflows of $1.4 million alongside the US.
Based on CoinShares’ analysis, it’s probable that the small withdrawals observed in regions such as Canada were caused by investors cashing out their profits during the bullish trend in the cryptocurrency market, which was primarily fueled by activity in the United States.
“This, in turn, has led to positive price momentum. As a result, trading volumes in investment products surged by 30%, while price appreciation and inflows have brought total assets under management close to the $100 billion threshold,” CoinShares’ Butterfill stated.
Bitcoin is the biggest winner, with $2.13 billion in inflows
Last week, Bitcoin (BTC) led the pack among different cryptocurrency investment options, raking in approximately $2.13 billion in investments.
In just a week’s time, the United States witnessed the biggest surge in investment contributions primarily from BlackRock’s iShares Bitcoin exchange-traded fund (ETF), with an impressive inflow of approximately $1.19 billion.
According to CoinShares, cryptocurrency products built on Ether (ETH) attracted investments worth $58 million, while short positions on Bitcoin saw an inflow of approximately $12 million – the highest since March. Meanwhile, multi-asset crypto investment products experienced outflows totaling $5.3 million, marking the end of a 17-week run where such products consistently drew investments.
In October so far, crypto investment products have accumulated approximately $2.4 billion, following the typical trend known as “Uptober,” where increased investments in cryptocurrency are often observed during this month.
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2024-10-21 16:08