According to the latest data from CoinShares, with the continuous rise of cryptocurrency prices to the highest level in more than a month, capital continues to flow into the industry. Last week, Bitcoin ETF-like investment products recorded a capital inflow of $1.27 billion, marking the fourth consecutive week of capital inflows for this type of ETF, with a total inflow of more than $3.1 billion over the past four weeks.

In stark contrast, during the two weeks prior to the four-week consecutive capital inflow into Bitcoin ETFs, funds had cumulatively flowed out of this type of ETF by $1.2 billion.

BlackRock and Fidelity's Bitcoin ETFs were the winners in terms of capital inflows last week, with inflows of $0.707 billion and $244 million, respectively. Grayscale's Bitcoin ETF continued to record outflows, with about $56 million in outflows.

$Bitcoin (BTC.CC)$The price fell below the threshold of 0.054 million dollars on July 5th, marking the lowest point since February this year. The digital currency then rebounded and has been rising continuously lately, breaking through the threshold of 0.067 million dollars and accumulating a rebound rate of about 25%. This is mainly due to the increasing possibility of Trump being elected as the president of the USA.

CoinShares data also shows that similar to the capital flow trend of Bitcoin ETFs, the overall cryptocurrency investment products have received consecutive capital inflows for three weeks:

Ether-based products received a capital inflow of $45 million last week, with a capital inflow of $72 million the previous week.

In terms of other important tokens, Solana, Litecoin, and Cardano recorded inflows of 9.6 million, 2.2 million, and 400,000 dollars respectively.

Ether-based ETFs are expected to be listed as early as this week, and companies are currently awaiting final approval from regulatory agencies. BlackRock and other Wall Street institutions are rushing to reduce the fees for Ether-based ETFs.

On Sunday local time, US President Biden announced his withdrawal from the 2024 presidential election. Biden stated that he will fully support and endorse Vice President Harris's nomination as the Democratic Party's presidential candidate.

Harris has not publicly discussed her views on cryptocurrency. However, if her stance is similar to that of Biden's, traders may continue to believe that Trump is more favorable to the industry:

• Trump is considered to have a relatively supportive attitude towards cryptocurrency, and he will speak at the Bitcoin conference later this week in Nashville. This conference is the largest Bitcoin conference in the world.

• Biden and SEC Chairman Gensler are considered more hostile to cryptocurrency, although the SEC ultimately compromised and approved cryptocurrency-related ETFs this year, which significantly boosted demand for such assets.

Therefore, after the news of Biden's withdrawal from the election came out, cryptocurrencies briefly fell but then rose, and stabilized. Overall, they are not afraid of Harris. As of press time, bitcoin is trading around 67,500 dollars, and other major cryptocurrencies have also risen to different degrees.

Industry insiders analyze that the cryptocurrency market is approaching a six-week high. From the trend, the market seems to be stagnant and waiting for new signals, which may be statements from politicians or important economic data.

Editor/Somer