Optimism for Republican Win Drives $2.2 Billion in Weekly Inflows into BTC, ETH Products

As the US presidential race becomes more intense with less than a month away until Election Day, data from last week suggests that digital asset inflows have surged to $2.2 billion.

This figure marked the highest level since July, spurred by optimism for a potential Republican success in the election.

Inflows Surge Amid US Election Optimism

According to the latest edition of CoinShares inflows of $2.3 billion.

The digital asset manager stated,

“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.”

Australia also saw a modest inflow of $1.4 million and emerged as the only other country to experience a positive flow. On the other hand, almost all other nations recorded minor outflows, with Canada, Sweden, and Switzerland leading with $20 million, $18 million, and $15 million outflows, respectively.

Additionally, Brazil and Germany also experienced outflows of $9 million and $6 million, while Hong Kong had a minor outflow of $1.5 million during the same period.

Bitcoin Leads While Multi-Asset Products Face Setback

Bitcoin led the market with inflows totaling $2.13 billion over the past week. The price increase also sparked interest in short-bitcoin products, which attracted $12 million. Interestingly, this was the largest inflow since March. Ethereum, too, benefited, recording $58 million in inflows.

Several altcoins followed suit, with Solana pulling in $2.4 million, Litecoin seeing $1.7 million, and XRP bringing in $700,000. Contrastingly, multi-asset products faced weekly outflows of $5.3 million, bringing an end to their impressive 17-week streak of continuous inflows.

Cardano and Binance also recorded outflows of $1.5 million and $0.8 million respectively.