Last week, inflows into digital investment products reached a staggering $901 million, with Bitcoin (BTC) and Solana (SOL) leading the charge.
A recent report from CoinShares suggests that the hype around digital assets is increasing, as reflected in the influx into crypto investment products.
According to the data, these products received a staggering $901 million in inflows last week, bringing year-to-date (year-to-date) inflows to a whopping $27 billion.
The inflows recorded so far this year are almost three times the amount recorded throughout 2021. Additionally, month-to-date (MTD) investments were $3.32 billion, making October 2024 the fourth-highest inflow.
Bitcoin and Solana record the highest inflows
In particular, investment products related to Bitcoin recorded the highest inflows over the past week, reaching a total of $920 million. Following last week's inflows, Bitcoin's year-to-date inflows have reached $25.46 billion, bringing the investment vehicle's assets under management (AUM) to an impressive $78.99 billion.
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Last week, Solana investment products had the second-highest inflows at $10.8 million. This resulted in MTD and YTD flows of assets of $17.9 million and $69.2 million, respectively. As of this writing, Solana has $1.47 billion in assets under management across its investment products.
Other crypto-related investment products that witnessed inflows last week include “Other”, Multi-Asset, Litecoin, XRP, etc. These digital investment products received inflows of $2.2 million, $2.1 million, $1.8 million, and $200,000, respectively.
Conversely, Ethereum investment products saw a record outflow of $34.7 million. As a result, the second-largest cryptocurrency recorded an MTD outflow of $12.2 million. However, this did not significantly impact Ethereum's year-to-date record, as the asset totaled $748.4 million throughout the year.
Bitcoin shorts and Cardano recorded small outflows over the past week, totaling $1.3 million and $100,000, respectively.
Flow by country
As expected, the United States took the lead in regional trends. The country recorded inflows worth $906 million, followed by Germany, which attracted investments worth $14.7 million. Switzerland came in third place with an inflow of $9.2 million.
However, Canada, Brazil and Hong Kong saw smaller outflows last week, totaling $10.1 million, $3.6 million and $2.7 million.
Potential reasons for the surge in inflows to digital investment products
According to CoinShares, the main factor behind the surge in investments in crypto-related investment products is likely to be the political situation in the United States.
Recent polls suggest that Donald Trump is likely to defeat Vice President Kamala Harris in the November 5 presidential election.
In particular, according to data from the decentralized prediction platform Polymarket, Trump has a 66.1% chance of winning the election as he continues to express support for cryptocurrencies. Conversely, his opponent, Kamala Harris, currently part of the administration known for its aggressive stance on cryptocurrencies, has a 33.9% chance of winning.
With the election starting in a week and Trump leading in most polls, investment in crypto products is expected to surge.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the personal opinions of the author and do not reflect the opinions of The Crypto Basic. We encourage our readers to conduct thorough research before making any investment decisions. Crypto Basic is not responsible for any financial losses.
