Crypto investors are apparently feeling more bullish: They threw $419 million at Bitcoin-related funds last week, marking a reversal from the previous week’s negative crypto fund flows. The reason, according to European asset manager CoinShares, is that they think a Republican in the White House now looks a bit more likely than before.

CoinShares said in a Monday report that investors are now more concerned with who the next president will be, rather than economic data. And with polls showing narrower odds between the two candidates, the firm believes that it’s having an impact on crypto ETF investments.

The Republican candidate for next month’s election, ex-President Donald Trump, has branded himself as the more crypto-friendly candidate. He told Bitcoiners he wants the asset to be produced solely in the U.S., he has a colorful history with NFT collectibles, and even is launching a DeFi project. 

“This trend is evident in the fact that stronger-than-expected economic data had little impact on stemming outflows, whereas the recent U.S. vice presidential debate and a subsequent shift in polling towards the Republicans, perceived as more supportive of digital assets, led to an immediate boost in inflows and prices,” the report said. 

The price of Bitcoin is up as a result: the biggest virtual coin is now trading for $65,642 per coin—a neary 3% seven-day rise, according to CoinGecko. Bitcoin rose above the $66,000 mark earlier Monday for the first time this month.

CoinShares said that investors put a total of $407 million in digital currency funds. Investors pulled money out of products giving exposure to Ethereum and short Bitcoin investment vehicles, aka funds that allow people to bet on the price of Bitcoin going down.

Most of the focus last week was on Bitcoin-related investment funds, the firm said.

There are funds all over the world that can give investors exposure to cryptocurrencies, but for Bitcoin, newly-approved exchange-traded funds (ETFs) trading on stock exchanges make the biggest impact. The Securities and Exchange Commission approved the funds—released by Wall Street titans such as BlackRock and Fidelity—in January.  

Both candidates ahead of the election have adopted a crypto-friendly outlook—but Democratic Kamala Harris was late to admit positive plans for the industry.

On Monday, though, the current Vice President said that she would support “a regulatory framework for cryptocurrency and other digital assets so Black men who invest in and own these assets are protected.”

Edited by Andrew Hayward