The crypto market has witnessed a massive surge in interest, with Bitcoin ETFs and other crypto products attracting massive inflow since Trump’s win in November.

According to a disclosure from André Dragosch, Bitwise’s Head of Research for Europe, the week ending Dec. 6 marked a historic high of $4 billion in global net inflows into crypto exchange-traded products (ETPs). This was an all-time high in weekly netflows.

Bitcoin and Ethereum ETFs Lead the Way

Expectedly, this surge was largely driven by Bitcoin and Ethereum ETFs. Bitcoin ETFs experienced significant inflows throughout the week, totaling $2.74 billion across ten funds, according to blockchain analytics firm Lookonchain. 

In the past week, 10 #Bitcoin ETFs added 27,525 $BTC($2.74B), and 9 #Ethereum ETFs added 209,833 $ETH($826.7M). pic.twitter.com/8mL8hqq4oN

— Lookonchain (@lookonchain) December 9, 2024

Data from Sosovalue confirms that the cumulative net inflow reached $33.43 billion by Dec. 6, with daily inflows peaking on December 5 at $766.66 million. Total net assets rose to $112.74 billion. 

Meanwhile, Lookonchain also revealed that Ethereum ETFs saw steady growth, attracting $826.7 million across nine funds during the week. Daily inflows reached a top of $428.44 million on Dec. 5, with the cumulative total inflow reaching $1.41 billion by December 6. Total net assets for Ethereum ETFs rose to $13.36 billion.

Political Developments Drive Market Optimism

In a report today, Bloomberg pointed out that the surge in inflows coincided with the aftermath of Donald Trump’s election victory on Nov. 5. Since Election Day, US-based Bitcoin ETFs have attracted nearly $10 billion in investments, raising their total assets to approximately $113 billion. 

According to Bloomberg, the President-elect’s favorable stance on cryptocurrencies, including plans to introduce supportive regulations and the possibility of a national Bitcoin reserve, has fueled market optimism. Since the election, investors have taken off 180,000 BTC from exchanges.

Bitcoin’s price clinched the historic $100,000 milestone for the first time on Dec. 5. However, it experienced a mild pullback, dropping below the threshold during this period. BTC has since recovered the $100,000 psychological level, currently trading for $100,348 amid a 0.53% increase over the last 24 hours.

This rally has extended Bitcoin’s gains over the past six weeks, marking its longest winning streak since 2021. Despite some volatility, investor sentiment remains bullish amid expectations of continued regulatory support. Trump has already appointed pro-crypto candidates as SEC Chair and White House Crypto Czar.

Meanwhile, Ethereum, despite underperforming earlier, has now picked up the pace. The altcoin king now eyes the $4,000 mark, currently trading for $3,930 as it increases 0.94% in the past hour.