The cryptocurrency market is showing a bullish trend, with prices rising significantly over the past week. In addition, digital asset inflows reached $901 million in the week ended October 25.
The latest boom has pushed year-to-date inflows to $27 billion, nearly triple what was recorded in 2021. Meanwhile, the United States led the week with $906 million in asset inflows.
US election drives bullish sentiment, Bitcoin inflows exceed $920 million.
Weekly cryptocurrency inflows hit $901 million
In the week ending October 25, the digital asset market recorded a boom, with net asset inflows reaching $901 million CoinShares Weekly Report.
Additionally, this growth has pushed crypto-asset year-to-date (YTD) inflows to $27 billion, nearly triple the value recorded for all of 2021.
Additionally, reports suggest that Bitcoin is seeing around $920 million in weekly inflows as the upcoming U.S. political elections drive a boom in the market.
CoinShares reported: “We believe that current Bitcoin prices and flows are largely influenced by U.S. politics, with the recent surge in inflows likely related to Republican poll wins.“
Meanwhile, the United States saw the largest weekly inflows at approximately $906 million, in stark contrast to other regions. Germany and Switzerland ranked second and third respectively, with net inflows of US$14.5 million and US$9.2 million respectively..
Net outflows from Canada, Brazil and Hong Kong were US$10.1 million, US$3.6 million and US$2.7 million respectively.
Digital assets reflect more bullish trends in October
On a month-to-date (MTD) basis, digital asset inflows this month were $3.32 billion. This marks October as the fourth-largest month for inflows in 2024.
In the week ending October 25, Bitcoin’s year-to-date and mid-term-to-date inflows were $25.46 billion and $3.27 billion respectively. In addition, assets under management (AUM) of Bitcoin-related investment products are as high as $78.99 billion.
The Solana-based investment product ranked second behind Bitcoin last week with $10.8 million in inflows. Their MTD and YTD flows were $17.9 million and $69.2 million respectively.
Blockchain stocks also followed this week’s positive inflow trend, with net inflows of $12.2 million. On the other hand, Ethereum saw a net outflow of $34.7 million this week. However, its year-to-date record shows net inflows of $748 million.
For ETFs, BlackRock iShares’ IBIT maintained its lead with $1.16 billion in weekly inflows. The product has assets under management (AUM) of more than $28 billion.
In comparison, Ark Invest and 21Shares’ ARKB posted the largest outflows of the week at $206 million. The cumulative asset management scale of these 12 U.S. ETFs is approximately US$78.9 billion.. Meanwhile, the price of Bitcoin soar By October 28, the price will be over $70,000.
