Exchanges log an upsurge in trading volumes post-US election amid investor optimism
Investor interest in the world’s largest cryptocurrency Bitcoin in Singapore and elsewhere rose last year, driven by factors such as the introduction of such exchange-traded funds (ETFs) in the beginning of the year, as well as Donald Trump’s US election win.
Chang Wei Liang, DBS foreign exchange (FX) and credit strategist, said Bitcoin’s rising demand among both individual and institutional investors followed the introduction of US Bitcoin ETFs in January 2024, with 11 spot Bitcoin ETFs approved by the US Securities and Exchange Commission.
Since then, Bitcoin ETFs recorded nine out of 11 months of monthly net inflows, with total net assets of US$30.7 billion as at Nov 29, based on a report by Crypto.com. BlackRock’s iShares Bitcoin Trust grew to more than US$50 billion in assets in just 11 months – breaking records with no other ETF having a better launch, Bloomberg indicated.
Copyright SPH Media. All rights reserved.
