Why Investors Are Pouring Money into Bitcoin ETFs Right Now
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Buoyed by the promise of a crypto-friendly administration, bitcoin investors have been shoveling money into cryptocurrency ETFs.
Since the election, crypto bulls have invested nearly $10 billion in a dozen U.S. crypto funds managed by investment heavyweights like Fidelity and BlackRock, according to Bloomberg. This influx of funds brings the combined assets of these funds to $113 billion.
Experts say enthusiasm around a second Trump term already helped push bitcoin to its first-ever six-figure high last week. Crypto investors’ optimism surged when Trump announced his pick of Paul Atkins, a vocal proponent of digital assets, to replace crypto skeptic Gary Gensler as the head of the Securities and Exchange Commission. Trump also announced on his social network Truth Social that he had appointed Silicon Valley investor David Sacks to be “White House A.I. & Crypto Czar" — another boon for the industry.
Trump took a pro-cryptocurrency stance on the campaign trail, reversing his initial skepticism of bitcoin and other digital assets while aggressively courting Silicon Valley donors. Post-election Federal Election Commission filings show that tech investors donated more than $394 million to Trump’s campaign, the bulk of which came from Tesla CEO Elon Musk.
Musk’s involvement in the incoming Trump administration also suggests a more crypto-friendly environment. Even the “Department of Government Efficiency” initiative Musk is spearheading with fellow entrepreneur and former Republican presidential candidate Vivek Ramaswamay has a tie to crypto, with a tongue-in-cheek name that references “meme coin” dogecoin.
Trump's bitcoin bullishness is such that he even flirted with the idea of a “strategic bitcoin reserve,” a move former Treasury Secretary Larry Summers called “crazy.”
Since its Dec. 5 peak, some of the froth has come off: The price of bitcoin dropped as low as roughly $92,000 before mounting a recovery. Bloomberg cited a research note from David Lawant, head of research at crypto trading and brokerage firm FalconX, that said crypto investors will need a longer-run trend of good news to keep the price steadily above $100,000.
Some crypto investment pros remain optimistic that such a bump is coming. Federico Brokate, vice president and head of U.S. business at crypto investment firm 21Shares said in a research note that a “more favorable regulatory environment” and greater adoption of cryptocurrency could push bitcoin and other digital assets higher in 2025.
With a market cap of nearly $2 trillion — roughly the same valuation as Google parent Alphabet — bitcoin is the eighth-largest asset in the world, surpassing even traditional alternative assets like silver, according to crypto news platform Watcher.Guru.
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