$3.2 billion crypto inflow marks 10-week streak as Trump election victory boosts confidence

$3.2 billion crypto inflow marks 10-week streak as Trump election victory boosts confidence

According to CoinShares’ latest report, the cryptocurrency sector recorded $3.2 billion in inflows last week. This achievement extended the streak to 10 consecutive weeks of positive inflows, making it the longest streak of 2024.

Year-to-Date Inflows Soar to Record Levels

The total year-to-date inflows have reached an impressive $44.5 billion, setting a new benchmark. This figure is four times higher than any prior annual record.

Trump’s Election Victory Drives $11 Billion Bitcoin Inflows

Bitcoin-related investment products attracted $2 billion in inflows last week. Since Donald Trump’s election win in November, Bitcoin inflows have exceeded $11 billion.

Optimism surrounding clearer regulatory guidelines and a crypto-friendly approach by the incoming U.S. administration has fueled this momentum. The U.S. market led the charge with $3.1 billion in inflows, followed by Switzerland ($36 million), Germany ($33 million), and Brazil ($25 million).

Bitcoin Trading Activity Reaches New Heights

James Butterfill, CoinShares’ Head of Research, highlighted that weekly trading volumes in Bitcoin ETPs averaged $21 billion, representing 30% of Bitcoin’s trading activity on trusted exchanges. Bitcoin volumes on these exchanges hit $8.3 billion daily, emphasizing the strong liquidity and robust trading environment.

Short Bitcoin Products See Rising Interest

Short Bitcoin products also gained attention, with inflows of $14.6 million pushing their total assets under management to $130 million. This trend reflects growing interest in hedging strategies as Bitcoin’s price surged to a record high of over $106,000.

Ethereum Continues to Attract Strong Inflows

Ethereum maintained its positive streak for the seventh consecutive week, adding $1 billion last week. This brings the total inflows for Ethereum ETPs to $3.7 billion during the period, signaling improved sentiment.

Additionally, spot Ethereum ETFs saw a 15-day streak of inflows, accumulating over $2 billion within the reporting period.

Altcoins See Renewed Investor Interest

Altcoins experienced a resurgence in interest. XRP led the pack with $145 million in inflows, driven by speculation regarding a potential U.S.-listed ETF. Polkadot and Litecoin also witnessed inflows of $3.7 million and $2.2 million, respectively, as investors diversified their holdings.

The post $3.2 billion crypto inflow marks 10-week streak as Trump election victory boosts confidence appeared first on CryptoSlate.

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