Bitcoin is having a rollercoaster of a month, thanks to some political twists and turns! The king of crypto has been riding high on a wave of support from Republicans, who are shaking things up in the US political arena.
October was a blockbuster month for digital asset investments, pulling in a jaw-dropping $901 million! That's a hefty 12% of the assets under management, making it the fourth-largest monthly inflow ever. And guess what? We're looking at a whopping $27 billion in inflows so far this year, nearly tripling the 2021 record. Talk about breaking barriers!
The latest scoop from the “Digital Asset Fund Flows Weekly Report” shows Bitcoin hogging the spotlight with a colossal $920 million in inflows, while short-Bitcoin products saw a tiny slip of $1.3 million. It seems the political winds are blowing in Bitcoin's favor, with Republicans' growing support giving it a hefty boost.
Solana also grabbed some of the limelight this week, attracting $10.8 million, while multi-asset products bounced back with $2.1 million after a bit of a rough patch. Even altcoins like Litecoin and XRP joined the party with $1 million and $0.8 million in inflows respectively.
Blockchain equities are on a winning streak, raking in inflows for the third week straight, hitting $12.2 million last week. But not all is sunshine and rainbows; Ethereum took a hit with a $35 million outflow, and Cardano saw a slight dip of $0.1 million.
On the global front, the US led the charge with a massive $906 million in inflows. Germany and Switzerland also saw green with $14.7 million and $9.2 million, while Australia noted a modest $0.3 million. But Sweden and Canada weren't as lucky, facing the largest outflows of $12.7 million and $10.1 million, with Brazil and Hong Kong trailing with $3.6 million and $2.7 million.
And here's the kicker: Donald Trump’s pro-crypto stance is winning him major brownie points with the crypto community. With hopes of a crypto-friendly White House, traders and investors are placing hefty bets on his chances in the upcoming election. Trump is leading the pack on Polymarket, a top blockchain-based betting platform, with a mystery investor throwing in an extra $2 million on his side, bringing their total bet to a whopping $7.22 million. This could be a game-changer!
