Crypto investment products experienced a substantial spike, with weekly inflows totaling $2.2B. This is the highest migration since July, fueled by confidence over a likely Republican victory in the next U.S. election.
The U.S. led the charge, with $2.3B in inflows, while other areas had slight outflows. Bitcoin dominated, bringing in $2.13B, with BlackRock's iShares Bitcoin ETF accounting for $1.19B.
Ethereum products earned $58M, while short-Bitcoin investments received $12M in inflows. Multi-asset products saw $5.3M in withdrawals, breaking a 17-week inflow trend. Trading volumes increased by 30%. Total assets under control are now approaching $100B. This trend is consistent with the "Uptober" phenomenon, which occurs in the crypto market during October.
According to James Butterfill, head of research at CoinShares, this increased optimism stems from the assumption that Republicans are more supportive of digital assets. The cryptocurrency market has benefited greatly from increased investment and favorable price momentum.
Overall, crypto investment product inflows totaled $2.4B in October, indicating increased investor confidence in digital assets.
