Last week, bitcoin etf investment products recorded an inflow of $1.27 billion, marking the fourth consecutive week of inflows and a total inflow of more than $3.1 billion over the four weeks. Harris has not publicly discussed her views on cryptos, but if her stance is similar to Biden's, traders may continue to believe that Trump is more favorable to the industry.
According to the latest data from CoinShares, with the continuous rise of cryptocurrency prices to the highest level in more than a month, capital continues to flow into the industry. Last week, Bitcoin ETF-like investment products 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 more than $3.1 billion over the past four weeks.
In stark contrast, during the two weeks prior to the four-week consecutive capital inflow into Bitcoin ETFs, funds had cumulatively flowed out of this type of ETF by $1.2 billion.
BlackRock and Fidelity's Bitcoin ETFs were the winners in terms of capital inflows last week, with inflows of $0.707 billion and $244 million, respectively. Grayscale's Bitcoin ETF continued to record outflows, with about $56 million in outflows.
$Bitcoin (BTC.CC)$On July 5th, the price fell below the $0.054 million mark, the lowest point since February this year. The digital currency rebounded shortly after and has been rising continuously, reaching a peak of about $0.067 million, with a cumulative rebound of about 25%, mainly due to the increased likelihood of Trump being elected as president of the United States.
CoinShares data also shows that similar to the capital flow trend of Bitcoin ETFs, the overall cryptocurrency investment products have received consecutive capital inflows for three weeks:
Ether-based products received a capital inflow of $45 million last week, with a capital inflow of $72 million the previous week.
For other important tokens, Solana, litecoin, and cardano recorded inflows of $9.6 million, $2.2 million, and $400,000, respectively.
Ether-based ETFs are expected to be listed as early as this week, and companies are currently awaiting final approval from regulatory agencies. BlackRock and other Wall Street institutions are rushing to reduce the fees for Ether-based ETFs.
On Sunday local time, US President Biden announced his withdrawal from the 2024 presidential election. Biden stated that he will fully support and endorse Vice President Harris's nomination as the Democratic Party's presidential candidate.
Harris has not publicly discussed her views on cryptocurrency. However, if her stance is similar to that of Biden's, traders may continue to believe that Trump is more favorable to the industry:
Trump is considered to have a relatively supportive attitude towards cryptocurrency, and he will speak at the Bitcoin conference later this week in Nashville. This conference is the largest Bitcoin conference in the world.
Biden and SEC Chairman Gensler are considered more hostile to cryptocurrency, although the SEC ultimately compromised and approved cryptocurrency-related ETFs this year, which significantly boosted demand for such assets.
Therefore, after the news of Biden's withdrawal came out, cryptocurrency briefly fell, but then rose and stabilized. Generally speaking, it is not afraid of Harris. As of press time, bitcoin was at the $67,500 level, and other major cryptocurrencies also saw varying degrees of growth.
Industry insiders analyze that the cryptocurrency market is approaching a six-week high. From the trend, the market seems to be stagnant and waiting for new signals, which may be statements from politicians or important economic data.
Editor/Somer