{"id":31524,"date":"2024-10-28T22:00:15","date_gmt":"2024-10-28T19:00:15","guid":{"rendered":"https:\/\/coinengineer.net\/blog\/?p=31524"},"modified":"2024-10-28T19:04:38","modified_gmt":"2024-10-28T16:04:38","slug":"crypto-investments-reached-3-4-billion-in-october","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/crypto-investments-reached-3-4-billion-in-october\/","title":{"rendered":"Crypto Investments Reached $3.4 Billion in October!"},"content":{"rendered":"

According to CoinShares<\/strong>, crypto investment products<\/strong> saw an additional net inflow of $901 million globally last week, reaching a total of $3.4 billion. Research Director James Butterfill<\/strong> stated that the positive inflows and the rise in Bitcoin<\/strong><\/a> prices were driven by an increase in Republican support ahead of the U.S. elections.<\/p>\n

CoinShares<\/strong> reported that global crypto funds<\/strong> managed by asset managers such as BlackRock<\/strong>, Bitwise<\/strong>, Fidelity<\/strong>, Grayscale<\/strong>, ProShares<\/strong>, and 21Shares<\/strong> recorded a net inflow of $901 million last week. In October, over $3.36 billion was invested in crypto investment products<\/strong>, which corresponds to 12% of the assets under management, marking the largest fourth monthly inflow recorded. Year-to-date, inflows have reached $27 billion, nearly tripling the previous record of $10.5 billion set in 2021.<\/p>\n

\"crypto\"<\/p>\n

Bitcoin<\/a>-based funds<\/strong> had a strong week, bringing in $920 million in new money. In contrast, short Bitcoin<\/a> funds<\/strong> lost a small amount, with $1.3 million going out. Blockchain stocks and Solana<\/strong><\/a> products<\/strong> gained $12.2 million and $10.8 million, respectively. However, Ethereum<\/a>-based funds<\/strong> lost $34.7 million during the same period. At the same time, the ETH\/BTC<\/strong> ratio dropped by 2.33%, reaching its lowest point since April 2021.<\/p>\n

U.S. Elections and Polls Boost Crypto Inflows.<\/h2>\n

\u201cWe believe that the current levels of Bitcoin<\/strong><\/a> prices and inflows are significantly influenced by U.S. politics; the recent increase in inflows is likely tied to the Republicans’ poll gains,\u201d said CoinShares<\/strong> Research Director James Butterfill.<\/strong><\/p>\n

Polymarket<\/strong>, a decentralized prediction platform, reports that pro-crypto Republican candidate Donald Trump<\/strong> is leading Democrat Kamala Harris<\/strong> by 66.5% to 33.4% in the presidential election set for November 5. Trump is also ahead in six important states. The data from Polymarket<\/strong> indicates that Republicans might have an 84% chance of controlling the Senate and a 52% chance in the House of Representatives, with an overall 48% chance of winning, while Democrats have just a 12% chance. Last week, Polymarket<\/strong> stated there was no proof of market manipulation in election betting.<\/p>\n