The past US election week brought significant movements in the crypto market, especially for Bitcoin and Ethereum ETFs.
BTC ETFs During Election Week
All eyes in the financial markets were on the US presidential elections, with Donald Trump winning a decisive victory. This outcome had an immediate and substantial impact on financial markets, including crypto. US investors had been cautious towards Bitcoin ETFs, with minor outflows from the prior week. However, once election uncertainty cleared, investors poured funds into these financial products. Total net inflows reached $621.9 million on Wednesday, an astounding $1,373.8 billion on Thursday, starting off as the best-day ever in their 10-month history, and $293.4 million on Friday, making it approximately $2.3 billion allocated to spot Bitcoin ETFs since the election.
ETH ETFs Also See Good Numbers
Despite lower demand and net inflows compared to Bitcoin, Ethereum ETFs still experienced positive changes. Following a $63.2 million net outflow on Monday, investors resumed inflows in the next three trading days, with $52.3 million on Wednesday, $79.7 million on Thursday, and $85.9 million on Friday, totaling $154.7 million for the week. This stands as one of the best weekly performances since the ETFs were introduced in late July.
Prospects for the Crypto Market
The positive trends in Bitcoin and Ethereum ETFs suggest growing investor interest in cryptocurrencies, particularly amid political changes. These events could further bolster cryptocurrencies' position as emerging investment tools.
The US presidential elections have significantly impacted the crypto market. The positive changes in Bitcoin and Ethereum ETFs indicate growing investor interest, potentially leading to stronger market positions for these assets.
