CoinShares: Digital asset investment product net inflows hit $2.2 billion, highest increase since July
Alyssa Davidson
Posted: Oct 21, 2024 8:35 AM Updated: Oct 21, 2024 8:35 AM
Correction and fact check date: October 21, 2024, 8:35 AM
briefly
CoinShares highlighted $2.2 billion inflows into digital asset investment products, marking the largest weekly increase since July.
CoinShares, a European alternative asset manager specializing in digital assets, released its latest report highlighting that digital asset investment products received $2.2 billion inflows, marking the largest weekly increase since July this year.
According to CoinShares, this renewed optimism is driven by growing expectations of a potential Republican victory in the upcoming US elections. Republicans are generally seen as more favorable toward digital assets, which have contributed to positive price momentum. As a result, the trading volume of digital asset investment products surged by 30%. Rising prices and inflows have pushed total assets under management (AUM) for these products closer to $100 billion.
Polymarket, a decentralized prediction platform, currently has odds of 61.1% to 38.6% for the upcoming November 5 presidential election, with Republican candidate Donald Trump ahead of Democrat Kamala Harris. Last week, Vice President Kamala Harris announced her support for a regulatory framework for cryptocurrencies as part of a broader plan to increase opportunities for black men to build wealth.
Bitcoin led digital asset inflows at $2.13 billion, with Ethereum and altcoins also benefiting.
Bitcoin was the main beneficiary of recent digital asset inflows, receiving $2.13 billion, according to CoinShares. Short-dated Bitcoin products also saw inflows of $12 million, the largest since March of this year.
Ethereum also experienced $58 million in inflows, and certain altcoins also saw gains. Solana recorded inflows of $2.4 million, Litecoin gained $1.7 million, and XRP recorded inflows of $700,000. On the other hand, multi-asset products saw an outflow of $5.3 million, breaking a 17-week streak of inflows.
As of this writing, Bitcoin is trading at $68,341, down 0.35% in the last 24 hours. The coin’s 24-hour range fluctuated between $68,126 and $69,408. Bitcoin ETFs contributed to the price rise last week, recording inflows of $2.13 billion.
Meanwhile, the price of Ethereum has risen 2.01% over the past 24 hours and is currently trading at $2,707. According to CoinMarketCap, Ethereum’s intraday lowest and highest prices were $2,643 and $2,763, respectively. The US-based spot Ethereum ETF saw weekly inflows of $78.89 million, according to SoSoValue data.
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About the author
As MPost’s resident journalist, Alisa specializes in the broad areas of cryptocurrencies, zero-knowledge proofs, investing, and Web3. With a keen eye for new trends and technologies, she provides comprehensive coverage to inform and engage readers about the ever-evolving digital financial landscape.
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Alyssa Davidson
As MPost’s resident journalist, Alisa specializes in the broad areas of cryptocurrencies, zero-knowledge proofs, investing, and Web3. With a keen eye for new trends and technologies, she provides comprehensive coverage to inform and engage readers about the ever-evolving digital financial landscape.
more articles