The crypto market has reflected a bullish trend, with significant price growth over the past week. Moreover, digital assets inflows hit $901 million for the week ending October 25.
The recent boom pushed the inflow volume to $27 billion year-to-date (YTD), almost tripling the 2021 record. Meanwhile, the US leads with $906 million in asset inflows for the week.
The US political election is driving bullish market sentiment, with Bitcoin posting inflows of over $920 million.
Weekly cRYPTO Inflows Hit $901 Million
The digital assets market recorded a boom for the week ending October 25, with net asset inflows reaching $901 million, according to CoinShares weekly report.
Moreover, the growth has pushed crypto assets’ year-to-date (YTD) inflows to $27 billion, almost three times the value recorded throughout 2021.
Further, the report revealed that Bitcoin amassed about $920 million in weekly inflows, with the upcoming US political elections driving the market boom.
CoinShares reported: “We believe that current Bitcoin prices and flows are heavily influenced by US politics, with the recent surge in inflows likely linked to the Republicans’ poll gains.”
Meanwhile, the US witnessed the biggest weekly inflows of about $906 million, a sharp contrast to other regions. Germany and Switzerland followed in the second and third positions with net inflows of $14.5 million and $9.2 million.
Canada, Brazil, and Hong Kong posted net outflows of $10.1 million, $3.6 million, and $2.7 million.
Digital Assets Reflect A More Bullish Trend In October
On a month-to-date (MTD) basis, digital assets have posted $3.32 billion in inflows this month. This marks October as the fourth-largest month in 2024 in terms of inflows.
Bitcoin’s YTD and MTD inflows now stand at $25.46 billion and $3.27 billion as of the week ending October 25. Also, BTC-related investment products boast a whopping $78.99 billion in assets under management (AUM).
Solana-based investment products followed Bitcoin with the second-largest inflows of $10.8 million last week. Their MTD and YTD flows amounted to $17.9 million and $69.2 million.
Blockchain equities also followed the week’s trend of positive flows, posting $12.2 million in net inflows. On the other hand, Ethereum saw net outflows of $34.7 million for the week. However, its YTD record highlights net inflows of $748 million.
For ETFs, BlackRock iShares’ IBIT maintained its lead with weekly inflows of $1.16 billion. The product boasts over $28 billion in assets under management (AUM).
In contrast, Ark Invest and 21Shares’ ARKB posted the largest outflows of 206 million for the week. Cumulatively, the 12 US-based ETFs have about $78.9 billion in AUM. Meanwhile, Bitcoin’s price surged to over $70,000 on October 28.
