Cryptocurrency investments products attracted inflows of $1.44 billion over the past week, with products focusing on Bitcoin, Ethereum, and Solana shining, while products shorting the flagship cryptocurrency saw outflows.
According to CoinShares’ latest Digital Asset Fund Flows report, Bitcoin saw its fifth largest weekly inflows on record over this past week, with $1.35 billion entering cryptocurrency investment products.
The price of Bitcoin, it’s worth noting, was trading below the $60,000 over the past week and only surged above that mark earlier this week after former U.S. President Donald Trump suffered an assassination attempt that spurred speculation the pro-crypto presidential candidate could be reelected later this year.
On prediction markets, Trump’s chance of being elected has shot up after the incident with his chances on Polymarket now standing at 71%, compared to 18% for Biden, 5% for Kamala Harris and just 3% for Michelle Obama. Trump’s chances of success, according to prediction market users, stood at 60% just before the assassination attempt.
Cryptocurrency prices likely rose as Trump has increasingly embraced the industry during his campaign, vowing to support it last month via his social media platform Truth Social.
Notably, products offering exposure to the second-largest cryptocurrency Ethereum (ETH) also saw significant inflows, with $72.1 million being invested in these products, while Solana (SOL) products saw $4.4 million of inflows.
Other altcoins also saw significant inflows, with products offering exposure to Litecoin seeing $1.2 million, and those offering exposure to XRP seeing $1 million inflows. Cardano-linked products saw $700,000 of inflows, while those offering exposure to multiple cryptocurrency saw $17.2 million of inflows.
According to CoinShares, year-to-date inflows to cryptocurrency investment products has hit a record $17.8 billion, surpassing the $10.6 billion seen back in 2021.
Featured image via Pixabay.
