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Bitcoin saw a significant $419 million inflow last week, while digital currencies in general attracted investments of $407 million from Oct 5-11. U.S. elections potentially influenced these trends more than the economy, with the suggestion that Republicans are more supportive of digital currencies. Large outflows of $6.3 million were observed from short-Bitcoin investments, but blockchain ETFs recorded their largest inflows in 2024 of $34 million. Multi-asset investments recorded minor inflows of $1.5 million, while Ethereum investors pulled out $9.8 million from Ether products.

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Looks like Bitcoin has had a pretty good week, leading the pack with a whopping $419 million in weekly inflows. According to a report by CoinShares, digital currencies saw new investments of $407 million from Oct. 5–11. This follows a mini sell-off of $127 million the week prior, despite positive economic news in the U.S.

Now, what’s driving all this buzz? CoinShares’ head of research, James Butterfill, suggests that the U.S. elections have been influencing cryptocurrency investments more than monetary policy. It seems that positive economic news isn’t really making a dent in these inflows.

James says certain factors like favorable polls for the Republicans are giving a quick boost to incoming investments and prices. People generally think that Republicans are more into digital currencies.

Some major papers like The New York Times have reported that the Republicans could potentially take over the U.S. Senate after the elections on Nov. 5. This vote will also determine the win between Donald Trump, the Republican candidate, and Kamala Harris, the Democratic candidate, for the presidential seat.

Seems like Bitcoin is the biggest winner from these political changes, with those huge inflows of $419 million. However, short-Bitcoin investment products have seen outflows of $6.3 million.

Additionally, blockchain equity exchange-traded funds (ETF) had some of the largest weekly inflows of 2024, totaling $34 million, probably triggered by the surge in Bitcoin’s price from $61,900 on Oct. 6 to about $63,300 on Oct. 12.

On the other hand, multi-asset investments saw minor inflows of $1.5 million, marking their 17th week run. Ethereum seems to be on a different track, with investors pulling out $9.8 million from Ether products.

This trend for inflows has been going strong since mid-September. Based on CoinShares’ data, crypto investment products added nearly $2 billion between Sept. 7 and Sept. 28. Looks like the crypto train shows no sign of slowing down.

Source: Cointelegraph