US Bitcoin ETF Inflows Approach $10 Billion Since Election
Since the election that made Donald Trump president-elect, nearly $10 billion has flowed into US exchange-traded funds focused on Bitcoin. This surge in investment reflects a growing confidence in the cryptocurrency market, with a total of about $113 billion now invested in these funds.
In response to Trump’s support for the digital asset sector, these funds from respected companies like BlackRock Inc. and Fidelity Investments have seen significant growth. Trump has made moves to show his support for digital assets, appointing a digital-asset advocate as the next head of the US securities regulator and creating the first White House czar for artificial intelligence and crypto.
Bitcoin’s value recently crossed the $100,000 mark for the first time, reaching $98,860 on Monday in Singapore. This marks a six-week streak of gains, the longest run since the 2021 crypto frenzy. Despite this milestone, Bitcoin experienced some volatility with fluctuations pushing the price down to around $92,000.
According to David Lawant, head of research at FalconX, sustaining Bitcoin’s push past $100,000 may require further positive developments. Additionally, Ethereum, the second-ranked cryptocurrency, has seen increased interest with almost $2 billion in investments in spot-Ether ETFs since Trump’s election win.
Overall, the surge in investments in crypto ETFs underscores the growing confidence and excitement surrounding digital assets. The support from Trump and the recent milestones in cryptocurrency values have sparked optimism in the market.
