The U.S. presidential election on November 5 has further fueled a surge in cryptocurrency inflows, reaching a remarkable .2 billion in a single week. This figure reflects a 15% increase from the prior week, which saw $1.98 billion in inflows.
According to CoinShares‘ latest report on November 18, digital asset inflows for 2024 have totaled $33.5 billion year-to-date, marking a new all-time high in assets under management (AUM) at $138 billion.
Bitcoin and Ethereum Dominate Inflows
Bitcoin (BTC) remains the top choice for investors, accounting for the largest share of inflows last week at .48 billion, or 67% of the total. Ethereum (ETH) followed with 6 million, while Solana (SOL) saw .9 million in inflows, spurred by its growing adoption and performance.
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The recently proposed Beam Chain network upgrade by Justin Drake significantly boosted Ethereum’s inflows from the previous week’s 7 million. Meanwhile, multi-asset products and Binance Coin (BNB) recorded outflows, indicating a shift in investor focus toward Bitcoin and Ethereum.
BlackRock’s iShares Bitcoin ETF Leads the Surge
BlackRock’s iShares Bitcoin Trust ETF (IBIT) led the charge in crypto products, contributing 63% of last week’s inflows with a staggering $2.1 billion. In contrast, other major crypto funds, including those from Grayscale and Fidelity, experienced outflows ranging from million to 3 million.
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Election Outcomes Driving Crypto Momentum
The cryptocurrency market has responded positively to the election results, which saw Donald Trump secure a second term as President. CoinShares’ Head of Research, James Butterfill, attributes the inflows to a combination of looser monetary policies and a Republican majority in Congress and the White House.
Trump’s presidency is expected to usher in crypto-friendly regulations and fiscal policies, boosting confidence in the industry. Pro-crypto figures such as Elon Musk, Tom Emmer, and Robert F. Kennedy Jr. are speculated to hold key positions in Trump’s cabinet, further enhancing the sector’s outlook.
Legislation Supporting Investor Confidence
Key legislative proposals, such as the Bitcoin Act and the Bitcoin Strategic Reserve, introduced by Republican Senator Cynthia Lummis, have bolstered confidence among crypto investors. These initiatives aim to position Bitcoin as a strategic financial reserve alongside gold, reflecting the growing recognition of Bitcoin as “digital gold.”
The Path Ahead for Bitcoin and Altcoins
The favorable regulatory and economic environment under Trump’s leadership is expected to drive further institutional adoption of crypto assets. With Bitcoin continuing to solidify its position as a store of value and Ethereum expanding its utility, the market appears poised for significant growth.
As the crypto industry evolves, tools like Coin Push Crypto Alerts can help investors stay ahead by providing timely updates and market signals. While Coin Push doesn’t offer buy, sell, or trading services, it serves as a vital resource for those looking to monitor price movements and capitalize on opportunities during this bullish phase.
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Disclaimer: The information provided in this article does not constitute investment advice, financial advice, trading advice, or any other advice, and should not be treated as such. Coin Push Crypto Alerts does not recommend buying, selling, or holding any cryptocurrency. Always conduct your due diligence and consult a financial advisor before making any investment decisions.
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There are indications that the crypto will be distributed to players over two years rather than all at once. This approach is likely designed to prevent a rapid drop in price after listing, with the intention that only the “whales” will remain to buy up your coins gradually.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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