As a seasoned analyst with over two decades of experience in the financial markets, I find myself intrigued by the recent influx of funds into crypto investment products. Having witnessed the dot-com bubble and the global financial crisis, I can’t help but draw parallels between these events and the current surge in Bitcoin and other digital assets.
Investment products related to cryptocurrencies experienced approximately $2 billion in funds flowing in after the election, bringing the total year-to-date inflows to an all-time high of $31.3 billion, as per statistics from CoinShares.
Last week’s U.S. election saw a surge of $1.98 billion into cryptocurrency investment products, pushing the total year-to-date inflows to an unprecedented $31.3 billion and driving the overall management of these assets to a new peak of $116 billion, as reported by CoinShares on November 11.
For the past five weeks running, the United States has seen the largest investments, totaling approximately $1.95 billion, while Switzerland and Germany have followed closely behind with investments of around $23 million and $20 million respectively.
Last week, Bitcoin took the lead with inflows worth approximately $1.8 billion, pushing its total inflows since the U.S. Federal Reserve’s rate cut in September to a staggering $9 billion. This significant flow of funds into Bitcoin has been observed by James Butterfill, CoinShares head of research, who attributes it to growing investor optimism stemming from favorable global economic conditions and evolving U.S. politics.
The positive investor attitude might be due to a favorable economic climate and significant changes within the U.S. political landscape.
James Butterfill
Ethereum (ETH) experienced a surge of activity, recording inflows worth approximately $157 million, which represents its highest weekly influx since the launch of exchange-traded funds in July. This inflow suggests a revived level of investor interest.
Additionally-gained coins included Solana (SOL), Uniswap (UNI), and TRON (TRON), each receiving approximately $3.9 million, $1 million, and $0.5 million in investments respectively. The blockchain sector also saw a significant surge with an influx of $61 million, demonstrating growing enthusiasm towards digital assets. This surge coincided with a rise in trading volumes reaching a peak of $20 billion – the highest level since April.
After Donald Trump’s latest presidential win, experts predict a rise in crypto-related activities among conventional investors, as they foresee more funds flowing into Bitcoin and other cryptocurrency-based exchange-traded funds (ETFs). Cameron Winklevoss, one of the co-founders of Gemini, has expressed optimism about Bitcoin’s recent price spike. He attributes this trend to a consistent demand for ETFs. Moreover, he suggests that the significant increase in Bitcoin’s value is just the beginning, and we can expect further growth potentially reaching $100,000.
Currently, at the time this information was released, Bitcoin has exceeded its past records by soaring to new heights over $82,000.
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2024-11-11 16:44