Cryptocurrency investment products saw their largest inflows since July, reaching $2.2 billion for the week, according to crypto investment firm CoinShares.

Digital investment products continue to show positive trends amid optimism about a Republican victory in the U.S. elections, CoinShares said in its Weekly Digital Asset Fund Flows Report on Oct. 21.

“We believe this optimism stems from increased expectations of a Republican victory in the upcoming US elections, as they are generally seen as more supportive of digital assets,” wrote James Butterfill, head of research at CoinShares.

The United States leads investment with $2.3 billion in cash flow

The United States led the wave of investment into crypto products during the week of October 12-18, with inflows reaching $2.3 billion. Other regions, including Canada and Sweden, saw outflows of $19.9 million and $18.2 million, respectively.

Australia was the only country besides the United States to record positive investment, with inflows of $1.4 million.

Cash flow by region (unit: million USD). Source: CoinShares

According to CoinShares, the small outflows in regions like Canada are likely due to profit-taking amid a positive crypto market due to moves from the United States.

“This, in turn, has led to positive price momentum. As a result, trading volumes in investment products have increased by 30%, while price appreciation and inflows have brought total assets under management close to the $100 billion threshold,” said CoinShares’ Butterfill.

Bitcoin is the biggest winner, with $2.13 billion in inflows

Among cryptocurrency investment products, Bitcoin (BTC) was again the biggest winner last week, with inflows reaching $2.13 billion.

The biggest investment activity came from BlackRock's iShares Bitcoin exchange-traded fund (ETF) in the United States, with inflows of $1.19 billion in just one week.

Cash flow by asset (in millions of USD). Source: CoinShares

Ether (ETH)-based crypto products also saw $58 million in inflows, while short-Bitcoin inflows hit $12 million, the largest since March, according to CoinShares. The multi-asset crypto investment product saw $5.3 million in outflows, ending a 17-week streak of non-stop inflows.

With this latest influx, crypto investment products added a total of $2.4 billion in October, in line with the “Uptober” trend typically seen this month.

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