$2,200,000,000 of Institutional Money Flows Into Crypto Products Amid Election ‘Euphoria’: CoinShares
Digital assets manager CoinShares says that institutional investors dropped over two billion dollars into crypto products last week.
In its latest Digital Asset Fund Flows report, CoinShares says that institutional crypto investment products saw a surge in inflows to the tune of $2.2 billion on net last week.
“Digital asset investment products saw inflows of US$2.2bn last week, bringing year-to-date inflows to a record breaking US$29.2bn. This, and recent price appreciation, has now pushed total assets under management (AuM) to over US$100bn for only the second time in history, matching levels seen in early June 2024 at US$102bn.”
Source: CoinShares
The US-led inflows regionally with $2.2 billion, followed by Germany at $1.5 billion. CoinShares suggests that the unpredictable US Presidential election being held tomorrow is the single cause for the flows, despite both candidates supporting crypto initiatives to some degree.
“We believe euphoria around the prospect of a Republican victory were the likely reason for these inflows as they were in the first few days of last week, as polls have turned, we saw minor outflows on Friday, highlighting how sensitive Bitcoin is to the US elections at present.”
Bitcoin (BTC) received most of the inflows at $2.2 billion. Ethereum (ETH) enjoyed inflows of $9.5 million.
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