With just over a week left until the US presidential election, Bitcoin investors remain bullish.
After continuing to break records, a new Bitcoin exchange-traded fund (ETF) is attracting even more cash. Nearly $1 billion flowed into the fund last week, giving investors the largest exposure to cryptocurrencies, data from European asset manager CoinShares showed on Monday.
With former US President Donald Trump leading current Vice President Kamala Harris in some polls, and a commanding lead on cryptocurrency prediction market platform Polymarket, the company is not talking about the election. Pointed out. Former President Trump has vowed to support the digital asset industry if he wins.
“We believe current Bitcoin prices and flows are heavily influenced by U.S. politics, and the recent surge in Bitcoin inflows is related to the Republican Party’s rise in the polls,” CoinShares’ Monday report said. There is a high possibility that there will be.”
Of all the inflow data tracked by CoinShares (which also includes figures from ETFs in Europe and Asia), Bitcoin continued to be the main focus last week. While investors liquidated funds offering exposure to Solana and Ethereum last week, Bitcoin funds soared, CoinShares noted.
In total, speculators poured $920 million into Bitcoin funds around the world. Most of that came from new funds trading on U.S. stock exchanges. Funds intended for shorting Bitcoin or betting that Bitcoin’s price will fall in the future were also leaked.
According to CoinGecko, Bitcoin is currently trading at $68,759 per coin, after reaching a high of $69,217 per coin earlier today. This is a one-week high for major cryptocurrencies.
The Securities and Exchange Commission gave the green light in January for 10 Bitcoin ETFs to begin trading in the United States, and these products have been hugely popular, with total inflows of more than $20 billion so far this year. BlackRock’s fund had the largest launch of any new ETF over the past four years, according to Bloomberg data.
Edited by Andrew Hayward
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