Last week, digital asset investment products saw their highest weekly inflows ever, amounting to $3.85 billion. According to CoinShares , the inflows to the digital asset investment products touched a record high of $3.85 billion last week, driving the yearly intake to $41 billion thus far. This figure exceeds the prior recent high of $2.7 billion, signifying a historic period of investor confidence in the market. Source: CoinShares Bitcoin ( BTC ) continues to be the top asset, pulling in $2.55 billion of inflows. The positive flows in Ripple ( XRP ) and Litecoin indicate a broad allocation of capital across digital assets. Ethereum experienced its largest weekly inflow year-to-date at $1.2 billion. In comparison, $14 million in capital flowed out from Solana ( SOL ), reflecting a shift in focus among investors. Blockchain equities, on the whole, also saw $124 million in inflows, which is the highest since January. You might also like: ‘It’s another stock market for him’: Trump to focus on Bitcoin price after inauguration Region-wise, the U.S. continued its dominance in total inflows at $3.57 billion, followed by Switzerland at $159.5 million. Total assets under management across digital asset investment products now amount to $165 billion as a result of the new inflows. Crypto boom as Trump’s popularity on the rise The massive momentum the crypto market is witnessing is likely due to two major events. President-elect Donald Trump has appointed venture capitalist David Sacks as the first-ever White House AI and crypto czar , a part of his strategic push to make the U.S. the global leader in cryptocurrency innovation. Sacks will be tasked with making rules and crafting laws for both AI and crypto, as well as chairing the Presidential Council of Advisors for Science and Technology. Another reason is Federal Reserve Chair Jerome Powell’s support for BTC. On Dec. 5, Powell said that BTC is deemed as a competitor for gold, not the dollar, at DealBook Summit 2024. You might also like: Crypto.com partners with Deutsche Bank for corporate banking expansion Jerome Powell Live at DealBook Summit 2024 https://t.co/rw4fWXJioI — Andrew Ross Sorkin (@andrewrsorkin) December 4, 2024 DealBook Summit 2024 where Powell compared Bitcoin to gold. These pro-crypto moves under soon-to-be president Donald Trump have not only pumped the morals of crypto investors in the market but have also increased Trump’s popularity. Many betters believe Trump has an 82% chance of winning the Time 2024 Person of the Year on Polymarket, a popular prediction market. Read more: Emerging token gears for massive rally; Whales load up as XRP lags
