FameEX Hot Topics | Weekly Digital Asset Inflows Hit $901M, Cumulative Total Reaches $27B in 2024

According to CoinShares, bullish market sentiment is building as the United States elections approach, with Republican gains possibly influencing the optimism. In the week ending October 25, digital asset inflows surged to $901 million, largely driven by an uptick in Bitcoin transactions, bringing the year-to-date inflows to a significant $27 billion.

The CoinShares weekly flows report highlights that Bitcoin alone attracted $920 million during this period. This investment boost is believed to be linked to the forthcoming U.S. elections, with the report stating, "Current Bitcoin prices and flows are heavily influenced by US politics, with the recent surge in inflows likely linked to the Republicans’ poll gains."

The United States dominated with inflows of $906 million, while Germany and Switzerland also saw increases of $14.7 million and $9.2 million, respectively. On the flip side, Canada, Brazil, and Hong Kong recorded outflows totaling $10.1 million, $3.6 million, and $2.7 million, respectively. The report further noted that short-Bitcoin positions experienced minor outflows of $1.3 million during the last week.

BlackRock's iShares Bitcoin Trust remains the largest issuer, managing over $28 billion in assets. Collectively, Bitcoin ETF issuers now manage assets totaling $78.9 billion. October's inflows alone accounted for 12% of the total assets under management, making it the fourth-largest month for capital inflows on record. Total inflows for 2024 have reached $27 billion, nearly tripling the previous high of $10.5 billion set in 2021.

The positive market outlook extends beyond Bitcoin to blockchain equities, which posted their third consecutive week of positive flows, ending October 25 with inflows of $12.2 million. Solana funds followed closely with $10.8 million in inflows. However, Ethereum-based funds diverged from this trend, recording the largest outflows among digital assets with $35 million withdrawn. This dynamic financial landscape underscores the significant impact of political developments and market sentiment on cryptocurrency investments as 2024 progresses.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.