US spot exchange-traded funds that invest directly in Bitcoin and Ethereum are seeing unprecedented demand, buoyed by President-elect Donald Trump’s pledge to deregulate the crypto sector.

Spot Bitcoin and Ethereum ETFs saw record monthly net inflows in November, at $6.5 billion and $1.1 billion, respectively, according to data compiled by Bloomberg. Spot ETF subscriptions also hit an all-time high on Friday.

The interest in Ethereum points to a broadening speculative appetite for cryptocurrencies after Trump’s victory in the U.S. election on Nov. 5. By some measures, the clamor for exposure to digital assets has yet to reignite the pandemic-era bubble frenzy, at least among retail investors.

“We are seeing a trend in the crypto markets where Bitcoin initially leads the price action, but the rising tide lifts all boats,” said Caroline Bowler, CEO of BTC Markets Pty. She claimed that the activity has not yet peaked, based on the influx of investor funds into digital asset platforms.

Ethereum spot exchange-traded funds (ETFs) had nine net inflows of $333 million on Nov. 29, driven mainly by BlackRock’s iShares Ethereum Trust and Fidelity Investments’ Ethereum Fund. BlackRock, Fidelity, and Grassscale Investments are among the world’s largest digital asset players.

In related news, Bitcoin surged to near $100,000 for the first time last month, settling at $96,326 on Monday morning in London. Ethereum also rose to $3,672. Ethereum has outperformed Bitcoin since Trump’s victory but has yet to hit new highs.

Trump has pledged to reverse the Biden administration’s crackdown on digital assets and put in place friendly regulators. The Republican also supports the creation of a U.S. strategic reserve of bitcoin. Trump used to be a crypto skeptic but has shifted as the sector has launched a campaign war chest to advance his interests.

The cryptocurrency market has surged by about $1.2 trillion since Trump became president-elect, according to CoinGecko data. The surge is tempering memories of a painful crash that exposed fraud and risky practices at the heart of a global boom.