Optimistic Sentiment for Republican Victory Drives 22 Billion Weekly Inflow into BTC and ETH Products

CoinW.com reports:
With less than a month to go until Election Day, as the US presidential race intensifies, data from last week shows that digital asset inflows have surged to $2.2 billion.
This figure represents the highest level since July, thanks to the optimistic sentiment regarding the Republican Party’s success in the election.
Optimism for the US election boosts capital inflows
According to CoinShares’ latest version of the Digital Asset Fund Flows Weekly report, trading volumes of investment products surged by 30%, leading to price increases and bringing the total managed assets close to the $100 billion mark. However, the distribution of these inflows varied by region. The United States was the clear leader of the week, with inflows of $2.3 billion.
Digital asset managers state, “We believe this newfound optimism stems from increasing expectations of the Republican Party winning in the upcoming US election, as it is widely believed that the party is more supportive of digital assets.”
Australia also saw moderate inflows of $1.4 million, becoming the only country to receive positive inflows. On the other hand, almost all other countries experienced minor outflows, with Canada, Sweden, and Switzerland leading with outflows of $20 million, $18 million, and $15 million respectively.
In addition, Brazil and Germany also experienced outflows of $9 million and $6 million respectively, while Hong Kong saw a small outflow of $1.5 million during the same period.
Bitcoin leads the way, while multi-asset products face setbacks
In the past week, Bitcoin led the market with inflows of $2.13 billion. The price increase also sparked interest in Bitcoin bear products, attracting $12 million. Interestingly, this is the largest inflow since March. Ethereum also benefited, recording inflows of $58 million.
Several altcoins followed closely behind, with Solana earning $2.4 million, Litecoin earning $1.7 million, and XRP earning $700,000. In contrast, multi-asset products faced outflows of $5.3 million per week, ending their impressive 17-week streak of inflows.
Cardano and Binance also recorded outflows of $1.5 million and $800,000 respectively.