Cryptocurrency investment products posted another massive week as the United States presidential election draws closer.

Digital investment products saw $2.2 billion in inflows from Oct. 26 to Nov. 2, bringing year-to-date (YTD) inflows to a record-breaking $29.2 billion, CoinShares  reported  in its new Digital Asset Fund Flows Weekly Report.

The latest inflows mark four weeks of consecutive buying in cryptocurrency products, totaling more than $5.7 billion, or 19% of all inflows YTD.

The recent price appreciation pushed total assets under management to more than $100 billion for the second time in history, matching levels seen in June at $102 billion.

The euphoria around the “prospect of a Republican victory”

According to CoinShares’ head of research, James Butterfill, the latest inflows were partly driven by the euphoria around the possible outcome of the upcoming US presidential election on Nov. 5. He wrote:

“We believe euphoria around the prospect of a Republican victory was the likely reason for these inflows as they were in the first few days of last week, as polls have turned, we saw minor outflows on Friday, highlighting how sensitive Bitcoin is to the US elections at present.”

Butterfill previously highlighted similar reasons for billions of inflows in October, attributing active buying to the growing optimism over a potential Donald Trump election win in the US.

Most inflows came into Bitcoin products

Similarly to previous inflows, Bitcoin ( BTC ) was almost the sole beneficiary last week, seeing roughly $2.2 billion of inflows. Amid the Bitcoin price nearing its all-time highs last week, cryptocurrency investors were also actively buying short-Bitcoin products, with weekly inflows amounting to $8.9 million.

Crypto funds see $2.2B inflows amid US election hype — CoinShares image 0

Flows by assets (in millions of US dollars). Source: CoinShares

Despite recording $9.5 million inflows, Ether ( ETH ) products remain in significant contrast to a bullish trend seen in Bitcoin or Solana ( SOL ), which saw $5.7 million of inflows last week, Butterfill noted.

The US was again the biggest contributor to the market, bringing more than $2.2 billion in inflows, while Germany saw minor inflows of $5.1 million.

Crypto funds see $2.2B inflows amid US election hype — CoinShares image 1

Flows by jurisdictions (in millions of US dollars). Source: CoinShares

In contrast, Canada and Sweden led the outflows last week, seeing $24 million and $20 million, respectively.

Related: Trump dump: Crypto liquidations hit $350M as Bitcoin drops below $69K

As previously mentioned, inflows in Bitcoin exchange-traded funds have been massively growing amid the upcoming election in the US, with BlackRock’s spot BTC ETF surpassing $30 billion on Oct. 30.

Some analysts have cautioned that unusually large Bitcoin inflows could be followed by bearish price movements as big Bitcoin ETF buying has historically been “followed by bearish price movements.”

Magazine: Saylor falls for fake Trump news, Kraken restructures, and more: Hodler’s Digest, Oct. 27 – Nov. 2