Crypto asset products surpass $100 billion AuM, driven by Bitcoin’s strong inflows and election optimism Crypto asset products surpass $100 billion AuM, driven by Bitcoin’s strong inflows and election optimism
Record-setting Bitcoin inflows highlight investor enthusiasm amidst election anticipation and price rebounds.
2 min read
Updated: Nov. 4, 2024 at 2:12 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Digital asset investment products saw inflows of $2.2 billion last week, bringing total inflows this year to a record-breaking $29.2 billion, according to CoinShares‘ latest report.
The strong performance, coupled with recent Bitcoin price increases around $70,000, lifted the sector’s total assets under management (AuM) above $100 billion for only the second time. These levels were last seen in early June 2024, when AuM reached $102 billion.
Meanwhile, the increase in assets has also spurred a surge in trading activity, with weekly trading volumes climbing 67% to $19.2 billion. This figure represents 35% of all Bitcoin trading on leading, reliable exchanges.
James Butterfill, CoinShares’ head of research, attributed the recent surge to investor optimism ahead of the impending US elections where former US president Donald Trump stands against Vice President Kamala Harris.
According to Butterfill:
“We believe euphoria around the prospect of a Republican victory were the likely reason for these inflows as they were in the first few days of last week, as polls have turned, we saw minor outflows on Friday, highlighting how sensitive Bitcoin is to the US elections at present.”
Bitcoin leads with record inflows
A look at the asset flows shows that Bitcoin captured nearly all last week’s inflows, totaling $2.2 billion.
According to the report, US-listed Bitcoin ETFs mainly saw strong interest with $2.22 billion in net inflows—the third-largest weekly inflow on record. BlackRock’s IBIT ETF led the pack, pulling in $2.2 billion. It was followed by Fidelity’s FBTC, which saw around $90 million in inflows.
These numbers show that crypto ETFs continue to attract strong interest. Assets in these funds have grown rapidly and reached about half the level of gold ETFs in a relatively short period.
Meanwhile, Bitcoin’s recent price surge above $70,000 for the first time since June appeared to have attracted bearish sentiments from traders betting against further price increases. CoinShares reported that the price uptick spurred new inflows of $8.9 million into short-Bitcoin products.
Despite the solid positive sentiments in the market, Ethereum-related products saw modest inflows totaling $9.5 million last week. Butterfill explained that these numbers contrasted with the strong investor interest in Bitcoin and Solana.
Last week, alternative digital assets like Solana, Polkadot, and Arbitrum collectively had around $6.57 million in cumulative inflows.
Mentioned in this article
Bitcoin 
Ethereum 
Solana 
Polkadot 
CoinShares 
BlackRock 
Fidelity Investments iShares Bitcoin Trust 
Fidelity Wise Origin Bitcoin Trust Author 
Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Ethereum
$3,503.27
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Solana
$197.669
Solana is a high-performance blockchain platform that utilizes a unique consensus algorithm called “Proof of History” to achieve fast transaction speeds and low fees.
Polkadot
$7.58515
Polkadot development is on track to deliver the most robust platform for security, scalability, and innovation.
BlackRock
BlackRock, synonymous with global asset management, is an American multinational investment management corporation based in New York City.
Fidelity Investments
Fidelity Investments Inc., commonly referred to as Fidelity, is a multinational financial services corporation based in Boston, Massachusetts.
The BlackRock Bitcoin ETF, known as the iShares Bitcoin Trust (IBIT), is an investment fund that provides regulated exposure to Bitcoin for investors.
The Fidelity Wise Origin Bitcoin Trust (FBTC) is a spot Bitcoin ETF that offers investors exposure to the price of Bitcoin.