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CoinShares, a digital asset management company, reported that last week crypto products saw a massive influx of institutional investors amounting to $2.2 billion.
The recent US elections, which took place on November 5, continue to stimulate the weekly inflow of cryptocurrencies amounting to $2.2 billion. The number increased by 15% from the previous week, amounting to approximately $1.98 billion.
According to the CoinShares website He releasesOn November 18, digital asset flows recorded US$33.5 billion so far and reached a new AUM peak of US$138 billion.
Bitcoin (BTC) saw the largest asset-based inflow Last week About $1.48 billion, or 67%. It was followed by Ethereum (ETH) and Solana (SOL) with inflows of $646 million and $23.9 million, respectively.
Justin Drake’s Beam Chain network upgrade proposal has increased Ethereum inflows from $157 million. Only Multi-Asset and Binance Coin (BNB) record outflows for a week.
BlackRock’s iShares Bitcoin Trust ETF (IBIT) recorded the highest rise in cryptocurrency products from last week’s inflow reaching 63% or up to $2.1 billion. While the rest of the fund recorded outflows ranging from $8 million to $153 million, including Grayscale and Fidelity.
Driving factor for the cryptocurrency product: US elections
A combination of looser monetary policy and a Republican winning a congressional majority and the presidency appears to be a driving factor for these inflows, says James Butterville, head of research at CoinShares.
Donald Trump winning a second term in the White House still brings a positive upside to the cryptocurrency industry, as well as the cryptocurrency product. Potterville has stated that a Trump presidency will bring crypto-friendly regulations and financial policy.
Earlier, Trump chose several names for his Cabinet Secretary who were identified as pro-crypto figures including Elon MuskTom Emmer and Robert F. Kennedy Jr.
The Bitcoin Act, proposed by Republican Senator Cynthia Lummis, and Bitcoin Strategic Reserve It also boosts the confidence of cryptocurrency investors. He also stated that this favorable outlook may bring better potential for Bitcoin in the future.
“The next four years may see an unprecedented level of institutional support, increased government interest, and broader public adoption, paving the way for Bitcoin to strengthen its position in the global financial landscape,” Potterville said in the other report. a report.
