Following the 2024 US elections, a significant increase in activity has been observed on cryptocurrency exchanges, particularly on platforms like Coinbase and Binance.
USDT and Bitcoin Inflows into Exchanges
Binance and Coinbase led in trading volumes and inflows, receiving the highest amounts of Bitcoin and USDT among all exchanges. During the election week, Binance saw $7.7 Billion in USDT inflows, indicating heightened trading activity and investor participation. Coinbase followed with $4.3 Billion in USDT inflows. This overall increase in USDT on exchanges typically signified greater liquidity, enabling more substantial and frequent trading operations.
Futures Markets and Trading Volumes
Perpetual futures trading volume hit $1.1 Trillion, the highest weekly total since March. Binance dominated this market surge, accounting for 43% of all trading activities, with significant volumes also recorded on OKX, Bitget, and Bybit. This surge was directly correlated with the aftermath of US elections, boosting investor confidence and driving Bitcoin prices to new all-time highs.
ETF Investments Post Elections
The enthusiasm extended into ETFs, which experienced extraordinary inflows. Blackrock’s IBIT Bitcoin ETF reached $40 Billion in assets within 211 days. ETFs saw $67 Billion in inflows over the week, nearing the annual record of $910 Billion, with a possibility of surpassing $1 Trillion this year. This response from financial markets to the US election indicates a growing integration of cryptocurrencies within broader financial systems.
The response of financial markets to the 2024 US election highlights a substantial increase in interest and integration of cryptocurrencies into the global financial system.
