The floodgates are open. Is it that the month of October, famous bullish (bullish)would be producing its effects again for this year 2024? In any case, ” Uptober » (as he is nicknamed) saw Bitcoin (BTC) rise again towards the 70 000 dollars. And we find this buying sentiment among investors professional and institutionalsince investments in crypto financial products have reached summits who had not been seen for many weeks.
Crypto investment products record 3-month record
A resumption of the bull market of Bitcoin and are cryptocurrencies in turmoil? In any case the last rapport of CoinShares analysts, published on October 21, 2024, shows that derivative products crypto-assets attracted significant capital last week.
These financial products have in fact seen a record 3 months with $2.2 billion of net entries during the week of Monday October 14. This is the largest positive flow of money recorded since July. However, it is mainly to UNITED STATESwhere the famous Spot Bitcoin ETFthat this investment tsunami has taken place.
Indeed, in the last week alone, the USA recorded $2.27 billion positive inflows into traditional investment products based on cryptocurrencies. Most other products from other countries listed by CoinShares are even recording very small withdrawals.
Net cash flow (in millions of dollars) on products investment cryptos. – Source : blog.coinshares.com
Financial investments mainly oriented towards Bitcoin and its ETFs
As mentioned above, these are therefore the ETF Bitcoin spot which captured the vast majority of capital invested last week. Indeed, the king of cryptos alone has attracted more than 2.13 billion the dollars of net inflows during the past week. Network ethers Ethereum (ETH) come second but far behind, with $57.5 million net invested over the same period.
According to CoinShares experts, this is the Republicans’ hope of victory in the very next US elections, and mainly the victory of Donald Trump in the American presidential election, which would motivate this recent wave of purchases of BTC and crypto-assets.
“(…) We believe this renewed optimism is explained by the growing hopes of a Republican victory in the upcoming US elections, as they are generally considered more favorable to digital assets. This led to positive price dynamics. (…) »
Excerpt from the latest CoinShares report
Net money flows (in millions of dollars) on financial products for different crypto-assets. – Source: blog.coinshares.com
On this latest analysis, the CoinShares report joined that of Bernstein’s experts, who recently explained seeing a “correlation” between the rise of Bitcoin and Donald Trump’s chances of election. To find out if this upward movement will last over timewe will therefore certainly have to wait for the vote of November 5 next (and its results, which may potentially take longer).
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