As a seasoned crypto investor with a knack for deciphering market trends and political climates, I must admit that the recent influx of funds into digital assets has piqued my interest. The $901 million investment in October, accounting for 12% of assets under management, is a testament to the growing acceptance and confidence in this space.
In October, investment in digital assets surged to an impressive $901 million, making up approximately 12% of all managed funds, and this was the fourth-largest monthly investment increase ever recorded.
So far this year, we’ve amassed approximately $27 billion in inflows – a figure nearly three times larger than the previous record set in 2021, which was $10.5 billion.
US Political Climate Drives Bitcoin Inflows
The most recent version of the “Digital Asset Fund Flows Weekly Report” by CoinShares indicates that an impressive sum of $920 million flowed into Bitcoin investments last month, while there were only minor outflows totaling $1.3 million from short-Bitcoin products. It seems that recent political shifts in the U.S., particularly the growing backing for Republicans, have had a substantial influence on the current influx of Bitcoin and its market value.
This week, Solana ranked second among investor preferences with an inflow of approximately $10.8 million. Following closely was the resurgence of multi-asset products, which garnered around $2.1 million after a previous downturn. Additionally, minor investments were also seen in altcoins such as Litecoin and XRP, totaling about $1 million and $0.8 million respectively.
As an analyst, I’m reporting that for the third consecutive week, investments have been flowing into blockchain-related equities, reaching a total of approximately $12.2 million last week.
Last week, the majority of assets experienced a generally optimistic sentiment, but Ethereum went against this trend with a significant outflow of about $35 million. Similarly, Cardano experienced minimal withdrawals worth approximately $0.1 million.
Last week, the United States experienced significant investments totaling approximately $906 million, topping the global charts. Meanwhile, Germany and Switzerland also registered positive investment flows of around $14.7 million and $9.2 million respectively. Australia, however, noted a more modest increase of about $0.3 million in inflows.
Conversely, Sweden and Canada recorded the highest outflow amounts at approximately $12.7 million and $10.1 million respectively. On the other hand, Brazil and Hong Kong experienced lower outflows amounting to around $3.6 million and $2.7 million.
Big Bet on November Election
The crypto community is strongly backing Donald Trump’s views on digital assets because they believe a Trump presidency could lead to beneficial regulations. As a result, traders and significant investors have placed significant wagers on the possibility of Trump winning in November.
Currently, Trump maintains a significant advantage of more than 66% on Polymarket, a prominent blockchain betting platform, thanks to an unidentified investor who recently injected an additional $2 million in USDC into pro-Trump wagers. This brings their overall investment to approximately $7.22 million, according to on-chain intelligence firm Lookonchain.
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2024-10-28 19:32