Tuesday, February 18, 2025

Crypto Products Experience Record $2.2B Inflows Amid US Election Optimism

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Originally published on: October 21, 2024

Cryptocurrency investment products have seen a significant increase in inflows, reaching a weekly total of $2.2 billion, marking the highest level since July, as reported by CoinShares, a leading crypto investment firm.

This surge in digital investment products comes amidst growing optimism surrounding a potential Republican victory in the upcoming US elections, stated CoinShares in their Digital Asset Fund Flows Weekly Report released on Oct. 21.

CoinShares’ head of research, James Butterfill, expressed, “We believe this renewed optimism stems from growing expectations of a Republican victory in the upcoming US elections, as they are generally viewed as more supportive of digital assets.”

During the week of Oct. 12–18, the US led the spike in crypto product investments, with inflows totaling $2.3 billion. Meanwhile, regions like Canada and Sweden experienced outflows of $19.9 million and $18.2 million, respectively. Australia was the exception, recording positive investments with $1.4 million in inflows.

The minor outflows in jurisdictions like Canada were likely due to profit-taking amidst the bullish crypto market driven by the US, according to CoinShares.

Butterfill added, “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.”

Bitcoin (BTC) remained the top performer among various crypto investment products, attracting $2.13 billion in inflows last week. The largest investment activity was observed in BlackRock’s iShares Bitcoin exchange-traded fund (ETF) in the US, with $1.19 billion in inflows within a week.

Inflows of $58 million were seen in Ether (ETH)-based crypto products, while short-Bitcoin inflows reached $12 million, marking the highest level since March. Multi-asset crypto investment products experienced outflows of $5.3 million, breaking a 17-week streak of consecutive inflows.

With the latest inflows, crypto investment products have garnered a total of $2.4 billion in October, in line with the trend known as “Uptober” usually witnessed during the month.

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