‘Political Shift’ to Republicans Drives $407,000,000 in Inflows to Crypto Products: CoinShares
Digital assets manager CoinShares says that institutional crypto investors dropped hundreds of millions in capital into crypto products last week.
In its latest Digital Asset Fund Flows report, CoinShares says that institutional crypto investment products saw a surge in inflows to the tune of $407 million on net last week.
CoinShares further postulates what it sees as a possible reason for the inflow surge:
“Digital asset investment products saw inflows of US$407m, as investor decisions have likely been more influenced by the upcoming US elections than by monetary policy outlooks.
This trend is evident in the fact that stronger-than-expected economic data had little impact on stemming outflows, whereas the recent US vice presidential debate and a subsequent shift in polling towards the Republicans, perceived as more supportive of digital assets, led to an immediate boost in inflows and prices.”
In three new national polls released on Sunday, Vice President and pro-crypto Presidential candidate Kamala Harris either ties or leads Trump with American voters, though Trump appears to have gained some ground.
The US and Canada regions accounted for $410.8 million of inflows.
Bitcoin (BTC) enjoyed $419 million in inflows while multi-asset investment vehicles enjoyed inflows for their 17th consecutive week.
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