Institutional Investors Bought $2.2 Billion in Bitcoin (BTC) and Altcoins Ahead of US Elections! Two Altcoins Surprised!
Bitcoin (BTC) fell as US presidential candidate Donald Trump's winning odds declined, sending the price down to $67,400.
While the critical US elections and the Fed's November interest rate decision are awaited for BTC this week, CoinShares published its weekly cryptocurrency report and said that there was an inflow of $2.2 billion last week.
"While there was an inflow of $2.2 billion into cryptocurrency investment products last week, the inflow since the beginning of the year has broken a record, reaching $29.2 billion.
We believe that enthusiasm around the possibility of a Republican victory is likely to be the reason for these inflows, as was the case early last week, and we saw small outflows on Friday as the polls turned."
Bitcoin is Back in Focus, Ethereum is Back!
When looking at crypto funds individually, it was seen that the fund inflows were in Bitcoin.
While BTC saw an inflow of $2.15 billion, Ethereum (ETH) saw an inflow of $9.5 million.
There was also an inflow of $8.9 million in the Bitcoin Short fund, which was indexed to the fall of BTC.
When we look at other altcoins, Solana (SOL) experienced an inflow of $5.7 million, Polkadaot (DOT) $0.67 million, Arbitrum (ARB) $0.2 million, and Litecoin (LTC) experienced an outflow of $0.8 million.
"Bitcoin has been almost the sole beneficiary, seeing $2.2 billion in inflows last week, but the recent price rally has also led to $8.9 million in inflows into the short Bitcoin fund.
Ethereum saw moderate inflows totaling $9.5 million, and continues to contrast sharply with the bullish trend in Bitcoin or Solana that saw inflows last week.
A number of altcoins saw small inflows, most notably Polkadot ($0.67 million) and Arbitrum ($0.2 million).
When looking at regional fund inflows and outflows, it was seen that the USA ranked first with an inflow of 2.22 billion dollars.
Germany came in second after the United States with $5.1 million.
