Bitcoin Inflows Hit $920M as US Political Momentum Fuels Digital Asset Investments

Investment inflows into digital assets reached a whopping $901 million in October, comprising 12% of assets under management and marking the fourth-largest monthly inflows to date.

With these additions, year-to-date inflows have reached $27 billion – almost triple the 2021 record of $10.5 billion.

US Political Climate Drives Bitcoin Inflows

According to the latest edition of CoinShares’ “Digital Asset Fund Flows Weekly Report,” the month’s inflows were overwhelmingly focused on Bitcoin, with a massive $920 million, while short-Bitcoin products saw minor outflows of $1.3 million. It appears that recent US political developments, especially rising support for Republicans, have significantly impacted Bitcoin’s current inflows and pricing.

With $10.8 million in inflows, Solana was the second most popular choice among investors this week, while next up was multi-asset products which saw a recovery, drawing $2.1 million after the earlier setback. Altcoins such as Litecoin and XRP posted minor inflows as well, with $1 million and $0.8 million, respectively.

In fact, blockchain equities, too, continued their upswing, marking their third week of inflows, which reached $12.2 million last week.

While sentiment was positive for most assets, Ethereum bucked the trend with the largest outflow of $35 million last week. Cardano also saw minor outflows, amounting to $0.1 million.

The US saw strong inflows of $906 million, leading globally, while Germany and Switzerland recorded positive inflows of $14.7 million and $9.2 million over the past week. Australia noted a modest $0.3 million in inflows.

On the other hand, Sweden and Canada had the largest outflows at $12.7 million and $10.1 million, while Brazil and Hong Kong saw lesser outflows of $3.6 million and $2.7 million.

Big Bet on November Election

Donald Trump’s stance on digital assets has attracted widespread support from the crypto community, who view his potential presidency as a path to favorable regulations. This support has led traders and major investors to make substantial bets on his November election odds.

Trump currently holds a strong lead of over 66% on Polymarket, a leading blockchain-based betting platform, with a mystery investor – adding another $2 million in USDC to pro-Trump bets, bringing their total stake to $7.22 million, as tracked by on-chain intelligence firm Lookonchain.

The post Bitcoin Inflows Hit $920M as US Political Momentum Fuels Digital Asset Investments appeared first on CryptoPotato.