Last week, the cryptocurrency market underwent significant changes related to the US elections, leading to record investment inflows.
Impressive Inflows in Crypto Investment
Global crypto investment products experienced a remarkable inflow of $2.19 billion, pushing the year-to-date net inflows to $33.5 billion. Concurrently, Bitcoin surged to a record-breaking $93,477, driving the total assets under management (AUM) for crypto funds to an estimated $138 billion.
Bitcoin and Ethereum Lead the Charge
Despite significant profit-taking and outflows after Bitcoin’s new all-time high, Bitcoin-focused investment products still attracted $1.48 billion in inflows. Ethereum products also performed well, bringing in $646 million. Products associated with multiple cryptocurrencies experienced $19.4 million in outflows. Binance’s BNB products also saw $400,000 in outflows.
Bitcoin ETF Dominance Continues
Bitcoin maintained its market dominance, drawing $1.48 billion in inflows largely due to the strong performance of US-based spot ETFs. BlackRock’s IBIT and Fidelity’s FBTC contributed with $2.1 billion and $4 million in inflows, respectively. Bitcoin’s rally beyond $90,000 spurred bearish sentiment, leading to $49 million in investments in short Bitcoin products. Ethereum secured $646 million in inflows, attributed to election outcomes and anticipation around the Beam Chain upgrade. Other altcoins like Solana, Ripple, and Cardano also saw steady interest, indicating continued diversification of investor portfolios.
The recent US elections have significantly impacted the cryptocurrency market, prompting increased investor activity and inflows into investment products.
