Crypto investment inflows surged to $2.2 billion last week, the highest since July 2023. Experts ascribe this growth to mounting optimism over a potential Republican win in the upcoming US elections.
This shift in political expectations has boosted both investor confidence and market prices.
Crypto Inflows at Multi-Month Highs Amid US Election Buzz
After recording $407 million in positive flows for the week ending October 11, digital asset investment inflows reached 2.2 billion last week. This represents a five times growth week-over-week, with Bitcoin seeing the largest inflows at $2.13 billion.
Positive flows into Ethereum reached $57.5 million. Meanwhile, multi-asset inflows interrupted their 17 consecutive week inflow streak to record $5.3 million in outflows.
Like the week before, CoinShares analysts ascribe the growing interest to the upcoming US elections, given that the US led the charge with inflows totaling $2.3 billion.
“We believe this renewed optimism stems from growing expectations of a Republican victory in the upcoming US elections, as they are generally viewed as more supportive of digital assets. This, in turn, has led to positive price momentum,” a paragraph in the report read.
Read more: How Can Blockchain Be Used for Voting in 2024?
According to CoinShares researchers, this highlights a growing interest in crypto investments within the country. It comes as the US election countdown continues, with only 15 days left. According to Pol
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Author: Lockridge Okoth
