Digital asset investment products witnessed significant inflows amounting to $407 million, primarily influenced by the upcoming U.S. elections rather than economic data.
Bitcoin led the surge, receiving $419 million in inflows, driven by a political shift toward Republicans, who are perceived as more favorable to the digital asset space, according to CoinShares.
Despite stronger-than-expected economic data, which usually influences market moves, political events such as the U.S. vice-presidential debate had a more pronounced effect, with polling shifts boosting both inflows and Bitcoin prices. The U.S. accounted for $406 million of the inflows, with Canada adding $4.8 million.
Short-Bitcoin products, on the other hand, saw outflows of $6.3 million, while multi-asset products recorded their 17th week of inflows, albeit small at $1.5 million. Ethereum continued its trend of outflows, losing $9.8 million last week.
Blockchain equity ETFs also saw significant interest, marking one of their largest inflows of the year at $34 million, likely in response to Bitcoin’s price rally.
Ceffu Capitalizes on Bitcoin Price Surge
Ceffu, a prominent crypto trading firm, has been actively trading Bitcoin amidst the recent market movements.
Between October 10 and 11, Ceffu accumulated 1,988 BTC, worth $120.88 million, at an average price of $60,815. Shortly after, the firm deposited 1,133 BTC to Binance at $64,047, making a profit of approximately $3.66 million, according to lookonchain.
Ceffu’s strategic trading activities highlight its agility in capitalizing on Bitcoin’s recent price surge, driven by political factors and increased market inflows. The firm’s ability to profit from short-term price fluctuations underscores its expertise in navigating volatile crypto markets.
