Bitcoin inflows hit $920 million as US political momentum boosts investments in digital assets

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

With these additions, year-to-date receipts have reached $27 billion, nearly triple 2021’s record $10.5 billion.

US political climate drives Bitcoin inflows

According to the latest edition of CoinShares’ “Weekly Digital Asset Fund Flows Report,” inflows for the month were overwhelmingly focused on Bitcoin, with a massive $920 million, while products of Bitcoin shorts saw outflows of less than $1.3 million. Recent political developments in the United States, particularly increased support for Republicans, appear to have significantly affected current Bitcoin inflows and prices.

With $10.8 million in inflows, Solana was the second most popular choice among investors this week, while multi-asset products were next to bounce back, with $2.1 million following the previous pullback. Altcoins such as Litecoin and XRP also saw smaller inflows, with $1 million and $0.8 million, respectively.

In fact, blockchain stocks also continued their rise, marking their third week of inflows, reaching $12.2 million last week.

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

The US posted strong inflows of $906 million, a world leader, while Germany and Switzerland posted positive inflows of $14.7 million and $9.2 million over the past week. Australia saw a modest entry of $0.3 million.

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 lower outflows at $3.6 million and $2.7 million of dollars

Big bet in the November elections

Donald Trump’s stance on digital assets has drawn strong support from the crypto community, which sees his potential presidency as a path toward favorable regulations. That support has led traders and mainstream investors to place substantial bets on their odds for the November election.

Trump currently has 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, raising the his total stake to $7.22 million, according to the day’s tracking. -chain intelligence company Lookonchain.

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