Trump effect benefited Bitcoin and cryptocurrencies: $407 million has an inflow
There was a net inflow of 407 million dollars in cryptocurrency funds last week. Behind this positive trend, CoinShares analysts showed that Republicans led by Donald Trump stood out in election polls, while there were hard outflows of $6.3 million from short-Bitcoin funds.
Donald Trump's getting ahead of Kamala Harris in the US presidential race also brought an increase in cryptocurrencies. While Bitcoin resists the 65 thousand dollar limit again today, last week's crypto fund figures also increased.
According to the details in CoinShares' weekly report, crypto funds received net investments of $407 million. Bitcoin received the most investment here again. Bitcoin funds saw an inflow of $419 million.
Outlets in Ether funds again...
Ether funds continued their sales in recent weeks. The figure in Ether funds, which saw an output of 29 million dollars last week, was 10 million dollars this week.
XRP showed itself
There were small inflows to altcoin funds. Solana funds 600 thousand dollars, Tron 200 thousand dollars and 100 thousand dollars inputs to Litecoin funds drew attention. The $1.1 million inflow of XRP funds was the surprise of the week.
Short-Bitcoin returned to minus this time
Short-Bitcoin funds, which have seen a total of 16.7 million dollars in net income for 3 weeks, had 6.3 million dollars in sales this week.
“The election got in the way of monetary policy”
CoinShares analyst James Butterfill linked ups and entries to the US elections and used these statements:
“The return of the needle to the Republicans benefited the cryptocurrencies. Investor movements have now started to be affected by elections more than monetary policy. Even the stronger than expected US economic data could not prevent crypto inflows”
The leadership in the most invested crypto ETFs of the week was in the BlackRock spot Bitcoin ETF with $158 million. With a net inflow of $138 million, Fidelity was in 2nd place and the Bitwise ETF was in 3rd with $36 million.
