Cryptocurrency investment products saw total inflows of $1.98 billion after Republican candidate Donald Trump won the US presidential elections at a time in which cryptocurrency price started surging, with BTC now topping the $84,000 mark.
According to CoinShares latest Digital Asset Fund Flows report, the inflows couple with the cryptocurrency market rally have pushed the total assets under management of crypto investment products to a $116 billion high.
The report details that Bitcoin-focused investment products saw $1.79 billion of inflows over the past week, while Ethereum-focused products saw $157 million of inflows.
On top of that, products focusing on multiple digital assets saw a $23.4 million inflows, whole Solana-focused products saw $3.9 million of inflows. Products focusing on XRP, Litecoin, and Cardano saw $500,000, $200,000, and $100,000 inflows, respectively.
Investment products offering exposure to other digital assets saw $300,000 of outflows, while products shorting the flagship cryptocurrency aw $2.7 million of outflows, according to the report.
As reported two leading cryptocurrency exchanges, Binance and Coinbase, saw a whopping $9.3 billion worth of stablecoin inflows on the Ethereum network after the US elections, with analysis showing that large-scale stablecoin inflows and subsequent upward trends have historically “coincided with bullish market rallies.”
The stablecoin inflows come at a time in which spot Bitcoin exchange-traded funds (ETFs) saw record daily inflows of $1.38 billion as the price of the flagship cryptocurrency kept on making new highs.
A Trump victory was widely expected to help boost Bitcoin’s price, as the former U.S. President has expressed strong support for the cryptocurrency sector, meaning the regulatory outlook could improve through the reduction of regulatory ambiguity and the appointment of more crypto-friendly officials to key positions, for example.
Bitcoin’s price, however, has been known to rally after U.S. presidential elections, having seen 90-day returns of 87%, 44%, and 145% after the elections in 2012, 2016, and 2020, respectively.
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