The crypto market is on fire, with investors pouring money into digital assets following the recent US election.
Record-Breaking Inflows
Last week, crypto funds saw a massive influx of $1.98 billion, bringing the total assets under management to a record high of $116 billion. This is the fifth consecutive week of positive inflows, with a total of $31.3 billion flowing into the market this year.
The US was the main driver of this surge, accounting for $1.95 billion of the total inflows. Experts believe this is due to favorable economic conditions and the outcome of the US election. Europe also saw moderate inflows, with Switzerland and Germany leading the charge.
Bitcoin Leads the Charge
Bitcoin was the biggest beneficiary of this investment boom, attracting $1.8 billion in inflows. This is likely due to the US Federal Reserve’s decision to cut interest rates earlier this year, making Bitcoin a more attractive investment.
Ethereum and Altcoins See Renewed Interest
Ethereum also saw a significant increase in investor interest, with $157 million flowing into the asset. This is the largest weekly inflow for Ethereum since the launch of Ethereum-based exchange-traded funds (ETFs) in July 2024.
Other altcoins also benefited from the positive market sentiment. Solana attracted $3.9 million in inflows, while Uniswap and Tron saw $1 million and $500,000 respectively.
Bull Run in the Crypto Market
The recent surge in inflows has sparked a major bull run in the crypto market. Bitcoin has seen double-digit gains in the past week, hitting new all-time highs. In the past three days alone, Bitcoin has surged by over 20%, reaching a new all-time high of $82,379.
While other top crypto assets like Ethereum, Solana, and Dogecoin haven’t reached new all-time highs yet, they have all seen significant price increases. Dogecoin, in particular, has seen a remarkable 84% increase in price over the past week.
The positive sentiment in the crypto market is fueled by a combination of factors, including favorable economic conditions, the outcome of the US election, and growing regulatory clarity.
