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- $2,200,000,000 Hits Institutional Crypto Products in One Week As Optimism About Election Grows: CoinShares
$2,200,000,000 Hits Institutional Crypto Products in One Week As Optimism About Election Grows: CoinShares
Digital assets manager CoinShares says that institutional crypto investors dropped billions of dollars into crypto products last week.
In its latest Digital Asset Fund Flows report, CoinShares says that institutional crypto investment products saw a surge in inflows to the tune of $2.2 billion on net last week.
With last week marking the heaviest inflows in four months, CoinShares attributes the growth to what it interprets as growing optimism for a victory for Republican presidential candidate Donald Trump. Not all recent national polls reflect CoinShares’ view on the matter as Democratic nominee Kamala Harris still holds a lead in many of them.
“Digital asset investment products saw inflows of US$2.2bn, marking the largest weekly increase since July this year. 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.
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 US$100bn threshold.”
The US brought in the majority of inflows at $2.3 billion, supporting CoinShares’ presidential thesis.
Bitcoin (BTC) products raked in $2.13 billion in inflows while Ethereum (ETH) broke its downtrend to bring in $58 million in inflows.
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