It’s not just Bitcoin itself that is seeing immense demand and startling price jumps over the past week—the American spot exchange-traded funds (ETFs) likewise saw enormous inflows following Donald Trump’s election win.

Data from CoinShares shows that investors were hungry for crypto products last week—and threw nearly $2 billion at investment funds giving exposure to digital assets.

Most of this money was focused on the Bitcoin ETFs that the Securities and Exchange Commission (SEC) approved in January. The funds—run by asset managers such as Fidelity, BlackRock, and Grayscale—allow investors to buy shares that track the price of the biggest virtual coin and trade on stock exchanges. 

“A combination of a supportive macro environment and seismic shifts in the U.S. political system being the likely reason for such supportive investor sentiment,” a Monday report by CoinShares reads, referring to Trump’s election win last week. 

It added that across all the funds it tracks—including across Europe and Asia, which give exposure to other major coins and tokens—the total amount of assets under management (AUM) hit a new all-time high mark of $116 billion.

Investors also wanted to put money into Ethereum, the second biggest digital coin, the report noted: they pumped $157 million into funds around the world last week, with the new American Ethereum ETFs receiving their biggest inflows since they started trading in July. 

Bitcoin came close to touching $85,000 per coin Monday morning, according to CoinGecko data, setting a new all-time high price that’s more than $11,000 more than the previous mark broken on Election Day.

It’s currently trading at $84,375—a seven-day rise of 23%. The asset has surged since Trump, a crypto supporter who’s promised to help the Bitcoin and digital asset industries, last week scored a shock victory in a tight race for the White House. 

Trump, who served as President from 2017-2021 and will be inaugurated on January 20, 2025, was not just a favorite for the crypto industry but also for Wall Street, with top hedge fund managers betting on his election ahead of last week’s result.

Edited by Andrew Hayward