Investors continue to show deep interest in crypto investment products last week, driven by the market's upward momentum after the election.
According to a CoinShares report on 11/11, crypto investment products recorded inflows of $1.98 billion from 3/11 to 9/11, bringing total global assets under management to a record $116 billion.
This marks the fifth consecutive week of inflows, totaling $7.7 billion — accounting for 24% of the $31.3 billion recorded since the beginning of 2024.
Similar to previous CoinShares reports, trading of Bitcoin ETFs in the United States led the inflows into crypto products last week. Bitcoin recorded nearly $1.8 billion in inflows, and BTC products have seen a total of $9 billion in inflows since the US Federal Reserve (Fed) made its first rate cut in 4 years in September.
"The combination of a favorable macroeconomic environment and significant changes in the US political system may be the reason for such strong investor sentiment," wrote CoinShares research director James Butterfill in the update.
By region, most of the inflows came from the US, totaling $1.95 billion. Europe saw smaller inflows, with Switzerland and Germany contributing $23 million and $20 million, respectively.
In contrast, investors in Sweden continued to sell, with weekly outflows reaching $25.7 million.
In the context of positive crypto sentiment, Ethereum ETFs had their best week after moderate demand previously.
In the first week of November, Ethereum ETFs received $157 million in inflows, the largest figure since the first Ethereum ETF began trading in July, marking a significant improvement in sentiment.
A series of altcoins also saw inflows. For example, Solana products received $3.9 million, while Uniswap and TRON had inflows of $1 million and $0.5 million, respectively.
In contrast, investors sold Short BTC products last week, with outflows reaching $2.7 million.
The strong crypto inflows last week pushed the price of BTC to a new all-time high of over $80,000 on 10/11. BTC prices have continued to rise since then, reaching a high of $82,490 on 11/11.
You can view coin prices here.
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Minh Anh
According to Cointelegraph
