Bitcoin ETF Inflows Surge To Over $2 Billion Amid Rising Trump Election Odds
Digital asset investment products saw inflows surge to $2.2 billion last week, marking the largest weekly increase since July 2023.
What Happened: The surge is being attributed to growing optimism surrounding a potential Republican victory in the upcoming U.S. presidential election, as Republicans are generally perceived to be more favorable toward the digital asset sector, according to a Coinshares report.
Bitcoin (CRYPTO: BTC) was the main beneficiary, recording an impressive $2.13 billion in inflows.
According to the report from CoinShares, this comes as trading volumes in digital asset investment products increased by 30%.
Price appreciation and inflows have brought total assets under management (AUM) in the crypto market close to the $100 billion threshold.
Speaking with Benzinga, Pedro Lapenta, Head of Research at Hashdex said that with BTC only 9% away from its all-time high price, the market stands at a very interesting moment for long-term investing and if historical patterns hold, we may be on the cusp of explosive price action in the coming months.
Ethereum (CRYPTO: ETH), the second-largest cryptocurrency, saw …
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