Republican

Bitcoin

Momentum

Investment inflows into digital assets reached a whopping $901 million in October, comprising 12% of assets under management and marking the fourth-largest monthly inflows to date. 
With these additions, year-to-date inflows have reached $27 billion – almost triple the 2021 record of $10.5 billion. 
<h2 id="us-political-climate-drives-bitcoin-inflows">US Political Climate Drives Bitcoin Inflows</h2> 
According to the latest edition of CoinShares’ “Digital Asset Fund Flows Weekly <a href="https://blog.coinshares.com/volume-206-digital-asset-fund-flows-weekly-report-0be04a4470cf" target="_blank" rel="noopener" data-wpel-link="external">Report</a>,” the month’s inflows were overwhelmingly focused on Bitcoin, with a massive $920 million, while short-Bitcoin products saw minor outflows of $1.3 million. It appears that recent US political developments, especially rising support for Republicans, have significantly impacted Bitcoin’s current inflows and pricing. 
With $10.8 million in inflows, Solana was the second most popular choice among investors this week, while next up was multi-asset products which saw a recovery, drawing $2.1 million after the earlier <a href="https://cryptopotato.com/optimism-for-republican-win-drives-2-2-billion-in-weekly-inflows-into-btc-eth-products/" target="_blank" rel="noopener" data-wpel-link="internal">setback</a>. Altcoins such as Litecoin and XRP posted minor inflows as well, with $1 million and $0.8 million, respectively. 
In fact, blockchain equities, too, continued their upswing, marking their third week of inflows, which reached $12.2 million last week. 
While sentiment was positive for most assets, Ethereum bucked the trend with the largest outflow of $35 million last week. Cardano also saw minor outflows, amounting to $0.1 million. 
The US saw strong inflows of $906 million, leading globally, while Germany and Switzerland recorded positive inflows of $14.7 million and $9.2 million over the past week. Australia noted a modest $0.3 million in inflows. 
On the other hand, Sweden and Canada had the largest outflows at $12.7 million and $10.1 million, while Brazil and Hong Kong saw lesser outflows of $3.6 million and $2.7 million. 
<h2 id="big-bet-on-november-election">Big Bet on November Election</h2> 
Donald Trump’s stance on digital assets has attracted widespread support from the crypto community, who view his potential presidency as a path to favorable regulations. This support has led traders and major investors to make substantial bets on his November election odds. 
Trump currently holds a strong lead of over 66% on <a href="https://polymarket.com/event/presidential-election-winner-2024?tid=1730105294053" target="_blank" rel="noopener" data-wpel-link="external">Polymarket</a>, a leading blockchain-based betting platform, with a mystery investor – <a href="https://x.com/lookonchain/status/1850802431166488905" target="_blank" rel="noopener" data-wpel-link="external">adding</a> another $2 million in USDC to pro-Trump bets, bringing their total stake to $7.22 million, as tracked by on-chain intelligence firm Lookonchain. 
The post <a href="https://cryptopotato.com/bitcoin-inflows-hit-920m-as-us-political-momentum-fuels-digital-asset-investments/" rel="nofollow">Bitcoin Inflows Hit $920M as US Political Momentum Fuels Digital Asset Investments</a> appeared first on <a href="https://cryptopotato.com/" rel="nofollow">CryptoPotato</a>.

Bitcoin Inflows Hit $920M as US Political Momentum Fuels Digital Asset Investments

Table of Contents

CryptoPotato_News

Other articles published on Oct 28, 2024

Why Bitcoin Investors Are Wary of a Kamala Harris Win in the U.S. Election

ApeChain Launches on Mainnet With Arbitrum Orbit

Legislators Focus on Cryptocurrency Regulations in the U.S.

Invest and Innovate: Top Blockchain Projects to Watch in 2024

Core Foundation Launches Developer-Focused 'Core Commit Program' with Funding and Mentorship

WazirX Plans Maintenance, Users Anxious about Funds

Join our free newsletter for daily crypto updates!