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U.S. Election Optimism Drives $2.2B Inflows to Crypto Funds, Bitcoin Nears Record Highs, $102B AUM

Nov 6, 2024, 03:05 PM

U.S. election optimism has driven significant inflows into cryptocurrency funds, totaling $2.2 billion from October 26 to November 2, 2024. Bitcoin received the majority of these investments, nearing record highs. This marks the fourth consecutive week of inflows, pushing the year-to-date total to an all-time high of $29.2 billion. BlackRock's spot Bitcoin ETF, IBIT, saw a record-breaking $1 billion in trading volume within the first 20 minutes of trading on November 6, 2024, and is on track for a potentially record-breaking day. The fund also recorded its largest single-day inflow of $885 million last week, bringing its assets under management to approximately $30 billion. The total assets under management for crypto funds have now reached $102 billion, with Bitcoin raking in most of it, potentially boosted by hedge fund strategies.