As a seasoned researcher and analyst with years of experience in the ever-evolving world of cryptocurrencies, I find myself continually intrigued by the dynamics that drive this market. The recent inflow of $2.2 billion into crypto products by institutional investors, as reported by CoinShares, is a testament to the growing maturity and acceptance of digital assets in the mainstream financial landscape.
Last week, Institutional investors poured approximately $2.2 billion into cryptocurrency investment products managed by CoinShares.
Last week’s inflow of cryptocurrencies into the U.S. market reached an impressive $2.2 billion following the November 5th US Election. This figure represents a 15% rise or approximately $1.98 billion compared to the previous week.
As stated in the announcement by CoinShares, as of November 18th, inflows into digital assets have reached a total of $33.5 billion so far this year. Additionally, the figure for assets under management (AUM) has reached an all-time high of approximately $138 billion.
Last week, Bitcoin (BTC) experienced the highest inflow of approximately $1.48 billion, which equates to 67%. Ethereum (ETH) and Solana (SOL) followed closely behind with inflows of $646 million and $23.9 million respectively.
As a crypto investor, I’ve noticed an interesting development with the Beam Chain network upgrade proposal by Justin Drake. It seems that this update has significantly boosted Ethereum’s inflow to approximately $157 million. However, it’s worth mentioning that only multi-asset and Binance Coin (BNB) have shown a weekly outflow during the same period.
Last week saw a significant increase in investments for BlackRock’s iShares Bitcoin Trust ETF (IBIT), with inflows surging by as much as 63% or approximately $2.1 billion – the highest surge among crypto products. In contrast, other funding experienced outflows ranging from $8 million to $153 million, such as those from Grayscale and Fidelity.
Crypto product driving factor: U.S. Election
According to James Butterfill, head of research at CoinShares, it seems that both easier monetary policies and a Republican party gaining control of both the Congress and the Presidency could be key factors fueling these investments.
The reelection of Donald Trump as President could spark optimism in the cryptocurrency sector and related products, according to Buterfill, due to his administration’s anticipated pro-crypto regulatory environment and financial policies.
Previously, Donald Trump considered a number of potential cabinet members who were known advocates of cryptocurrency. Among them were Elon Musk, Tom Emmer, and Robert F. Kennedy Jr.
1) The Bitcoin Act, put forward by GOP Senator Cynthia Lummis, along with the Bitcoin Strategic Reserve, significantly bolsters the trust of crypto investors. Moreover, his optimistic viewpoint suggests that Bitcoin could reach its fullest potential in the coming days.
In a different report, Buterfill suggested that the upcoming four years could bring extraordinary institutional backing, growing government attention, and wider public usage of Bitcoin, potentially strengthening its position within the international financial system even more.
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2024-11-19 04:10