Following the U.S. elections concluded on November 5, American spot Bitcoin ETFs attracted approximately $9.9 billion, raising the total asset value in the funds to $112.7 billion, as noted by Bloomberg.
Experts from the publication believe the catalyst for demand was the election of Donald Trump as the 47th President of the United States.
During his electoral campaign, the politician promised support for the crypto industry. He nominated several digital currency advocates for positions in his future administration, including a candidate for the chair of the SEC, and appointed the country’s first-ever “crypto czar.”
On December 5, the price of Bitcoin surpassed the historic mark of $100,000. The quotes peaked at $104,088 on the Binance exchange.
Bloomberg noted that digital gold has been on the rise for six consecutive weeks — the longest stretch since the bull market of 2021.
After reaching its ATH, the cryptocurrency entered a period of volatility, including a brief drop to $90,500. Many experts remain confident in the continuation of Bitcoin’s rally, despite the possibility of a correction in the near future.
Spot price-based Ethereum ETFs attracted over $2 billion following Trump’s election. Trading of these products began in July, with their combined balance reaching $13.4 billion.
Of the total, $5.94 billion is attributed to Grayscale’s ETHE. Following its conversion to an ETF, the cumulative outflow from the structure amounted to approximately $3.5 billion.
On December 6, the price of Ethereum exceeded $4,000 for the first time since March. Several experts saw signs of an approaching new high in the cryptocurrency. One factor cited was the stabilization of flows into exchange-traded products.
Previously, an analyst known as VentureFounder identified a “cup and handle” pattern on Ethereum’s chart, indicating a rise to $7,200 within four months.