The end of the Biden presidential race and ether-ETFs: what will happen to cryptocurrencies

For the most part, investors are waiting to see what Republican candidate Donald Trump will say at a bitcoin conference in Nashville, which is scheduled to end on Saturday, July 27. So far, it has become known that the former (and possibly future) president of the United States was able to raise $4 million in cryptocurrency donations. His campaign was sponsored by quite well-known figures in the crypto industry: co-founders of the crypto exchange Gemini Tyler and Cameron Winklevoss (Tyler and Cameron Winklevoss), CEO and founder of the trading platform Kraken Jesse Powell (Jesse Powell), as well as the former CEO of the analytical platform Messari Ryan Selkis (Ryan Selkis).

All of this took place against the backdrop of current US President Joseph Biden's withdrawal from the election race. The new candidate from the Democratic Party is likely to be Vice-President Kamala Harris (Kamala Harris). On the background of this news, bitcoin grew in price during the first half of the week.

But not only politics determines the course of events in the crypto market. The week saw the end of a series of days when there was an inflow of cash into bitcoin spot ETFs. The span was twelve days between July 5 and July 22. On July 23, cash outflows totaled $77.97 million. However, on the 24th and 25th, money started flowing in again, with inflows reaching $44.51 million and $31.16 million, respectively. Looking at the weekly breakdown, the outflow has not been observed since June.