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CoinShares said the United States and Bitcoin led crypto investment product dynamics last week amid growing optimism over a potential Republican election win in the US.
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Cryptocurrency investment products have recorded their biggest inflows since July, hitting the $2.2 billion mark in weekly inflows, according to the crypto investment firm CoinShares.
Digital investment products continue to see a positive trend amid optimism over a potential Republican election win in the United States, CoinShares stated in its latest Digital Asset Fund Flows Weekly Report on Oct. 21.
“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,” CoinShares’ head of research, James Butterfill, wrote.
US leads investments with $2.3 billion inflows
The US led the surge in crypto product investments during the week of Oct. 12–18, with inflows hitting $2.3 billion. Other regions, including Canada and Sweden, saw outflows of $19.9 million and $18.2 million, respectively.
Australia was the only country that recorded positive investments alongside the US, with $1.4 million in inflows.
Flows by jurisdictions (in millions of US dollars). Source: CoinShares
According to CoinShares, the minor outflows in jurisdictions like Canada were likely due to profit-taking amid the bullish crypto market action driven by the US.
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“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
Among various crypto investment products, Bitcoin (BTC) was again the biggest winner last week, with $2.13 billion in inflows.
The largest investment activity came from BlackRock’s iShares Bitcoin exchange-traded fund (ETF) in the US, which saw $1.19 billion of inflows in one week.
Flows by assets (in millions of US dollars). Source: CoinShares
Ether (ETH)-based crypto products also saw inflows of $58 million, while short-Bitcoin inflows hit $12 million, or the largest since March, according to CoinShares. Multi-asset crypto investment products saw outflows of $5.3million, ending a 17-week streak of consecutive inflows.
With the latest inflows, crypto investment products have so far added a total of $2.4 billion in October, which comes in line with the “Uptober” crypto trend usually seen during the month.
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This article first appeared at Cointelegraph.com News
