🚀🚀Crypto Investment Products Reach Record Annual Inflow of $29 Billion This Year 🚀🚀

The total annual net inflow into crypto investment products is set to hit a record of $29.2 billion as of 2024. This figure is set to break a record. Demand for crypto products has been driven by “anticipation of a Republican victory” in the US elections, with net inflows of $2.18 billion last week alone.

Global crypto funds managed by major asset managers such as BlackRock, Bitwise, Fidelity, Grayscale, ProShares, and 21Shares have seen a year-to-date inflow of $2.18 billion, bringing their total assets under management to over $100 billion. This is close to the $102 billion level reached in June.

James Butterfill, Head of Research at CoinShares, said that these strong inflows are likely due to anticipation of a Republican victory, but added that there were small outflows over the weekend. This situation highlights Bitcoin’s sensitivity to the US elections.

Due to the price increases in recent weeks and the impact of these strong inflows, the weekly trading volume increased by 67% to $19.2 billion. This figure constituted 35% of the total Bitcoin transactions on reliable exchanges. The Bitcoin price increased by more than 30% from $52,600 at the beginning of September to $68,818. However, there was a 7% decrease after the peak of $73,500 on October 29. This decrease occurred in parallel with the approaching election chances of Republican Donald Trump and Democrat Kamala Harris on the Polymarket platform.

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