CoinShares: The Republican Party of the USA has become a driver of inflows into crypto funds

According to the CoinShares report, spot exchange-traded funds (ETFs) for Bitcoin attracted $2.13 billion, while those for Ethereum attracted $57.5 million. The fund that attracted the most capital was iShares, with $1.19 billion, followed by Fidelity with $319 million and Ark 21 Shares with $306 million.

“The sharp increase in investments is driven by optimism regarding the Republican Party's potential victory in the upcoming U.S. Congressional elections. Investors believe that Republicans will be more favorable toward cryptocurrencies,” stated CoinShares.

Meanwhile, capital inflows into the U.S. totaled $2.3 billion. Other countries experienced a slight outflow, with the most notable being Canada, Sweden, and Switzerland, with outflows of $20 million, $18 million, and $15 million, respectively. Experts believe this may be due to profit-taking outside the U.S.

Trading volume also increased by 30%, and the total assets under management in funds are nearing the $100 billion mark. Earlier, experts from the CoinGlass platform reported that open interest in Bitcoin futures reached a record $40.5 billion as the first cryptocurrency moved toward the $70,000 mark.

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