Bitcoin (BTC) is racing from record to record after US presidential candidate Donald Trump was re-elected as the 47th president.
At this point, as the price rose above $82,000, CoinShares released its weekly cryptocurrency report and said that there was an inflow of $1.98 billion last week.
“While $1.98 billion inflows into cryptocurrency investment products occurred following the US elections, price movements took global asset management to a new peak of $116 billion.”
Bitcoin in Focus Again, Altcoins Had a Positive Week!
When looking at crypto funds individually, it was seen that the fund inflows were in Bitcoin.
While BTC experienced an inflow of $1.79 billion, Ethereum (ETH) experienced an inflow of $157 million.
There was also an outflow of $2.7 million in the Bitcoin Short fund, which was indexed to the fall of BTC.
When we look at other altcoins, Solana (SOL) experienced an inflow of $3.9 million, XRP $0.5 million, Litecoin (LTC) $0.2 million, and Uniswap (UNI) $1 million.
“Bitcoin saw $1.8 billion inflows last week, with $9 billion inflows since the Fed cut interest rates for the first time this cycle in September.
The combination of a supportive macro environment and seismic shifts in the US political system is the likely reason for such supportive investor sentiment.
Ethereum, which has been in decline for a while, has recovered and experienced an inflow of $157 million last week.
This was the largest inflow since the ETFs were launched in July this year, indicating that confidence in ETH has improved significantly.
Many altcoins also saw inflows, notably Solana ($3.9 million), Uniswap ($1 million), and Tron ($0.5 million).”
When looking at regional fund inflows and outflows, it was seen that the USA ranked first with an inflow of 1.95 billion dollars.
Switzerland came in second after the United States with $23.2 million, and Germany came in third with $20.1 million.
Against these inflows, Sweden experienced an outflow of $25.7 million, while Canada experienced an outflow of $1.7 million.
*This is not investment advice.