Last week, Bitcoin ETF investment products recorded a capital inflow of $1.27 billion, marking the fourth consecutive week of inflows for this type of ETF, with a total inflow of over $3.1 billion over the four weeks. Harris has not publicly discussed her views on cryptocurrencies, but if her stance is similar to Biden's, traders may continue to believe that Trump is more favorable to the industry
CoinShares latest data shows that with the cryptocurrency prices rising to the highest level in over a month, funds continue to flow into this field. Last week, Bitcoin ETFs recorded a capital inflow of $1.27 billion, marking the fourth consecutive week of capital inflows for this type of ETF, with a total inflow of over $3.1 billion over the four weeks.
In contrast, in the two weeks prior to the four consecutive weeks of capital inflows into Bitcoin ETFs, funds totaling $1.2 billion flowed out of this type of ETF.
Among the major Bitcoin ETFs, BlackRock and Fidelity's Bitcoin ETFs were the winners in attracting funds last week, receiving capital inflows of $707 million and $244 million respectively. Grayscale's Bitcoin ETF continued to see outflows, with approximately $56 million flowing out.
The price of Bitcoin fell below the $54,000 mark on July 5th, hitting the lowest point since February, before rebounding and rising continuously, surpassing $67,000 at one point, with a cumulative rebound of about 25%. This was mainly due to the increased likelihood of Trump being elected as the President of the United States.
CoinShares data also shows that similar to the trend of capital inflows into Bitcoin ETFs, overall cryptocurrency investment products have seen capital inflows for the third consecutive week:
Ethereum products received $45 million in capital inflows last week, compared to $72 million in inflows the previous week.
In other major tokens, Solana, Litecoin, and Cardano saw capital inflows of $9.6 million, $2.2 million, and $400,000 respectively.
Ethereum ETFs are expected to be listed as early as this week, with various companies awaiting final approval from regulatory authorities. Wall Street institutions such as BlackRock are competing to reduce fees for Ethereum ETFs.
On Sunday local time in the United States, President Biden announced his withdrawal from the 2024 presidential election. Biden stated that he will fully support and endorse Vice President Harris to be the Democratic presidential nominee.
Harris has not publicly discussed her views on cryptocurrencies. However, if her stance is similar to Biden's, traders may continue to believe that Trump is more favorable to the industry:
- Trump is considered to have a fairly supportive attitude towards cryptocurrencies, and he is scheduled to speak at a Bitcoin conference in Nashville later this week. The conference is the largest Bitcoin conference globally.
- Biden and the Chairman of the U.S. Securities and Exchange Commission (SEC), Gensler, are considered to be more hostile towards cryptocurrencies. Despite the SEC eventually compromising and approving cryptocurrency-related ETFs this year, this has significantly boosted demand for such assets Therefore, after the news of Biden's withdrawal came out, cryptocurrencies briefly fell, but then rose and stabilized. Generally speaking, not afraid of Harris. As of the time of writing, Bitcoin is around $67,500, up about 1% in the past 24 hours, and other major cryptocurrencies have also seen varying degrees of increase.
Industry insiders analyze that the cryptocurrency market is approaching a 6-week high. From a dynamic perspective, the market seems to be in a state of stagnation, waiting for new signals, which could be statements from politicians or important economic data