Crypto stocks soared on July 15, mirroring Bitcoin’s price surge, driven by former President Donald Trump’s escalating odds of winning the upcoming United States presidential election in November.

This rally predominantly impacted mining stocks such as Marathon Digital (MARA), Riot Platforms (RIOT), and CleanSpark (CLSK), which saw gains of 17%, 16%, and 16.2%, respectively.

Furthermore, Coinbase (COIN) shares ascended by 11.4%, while MicroStrategy (MSTR) surged by 16.7% at the time of this writing.

Political Upheaval and the 2024 Presidential Election

A foiled assassination attempt on former President Trump over the weekend bolstered the pro-crypto candidate’s chances of clinching the 2024 election on popular online betting platforms. Speculators and investors interpret Trump’s potential reelection as a bullish indicator for the crypto market.

Read more: The Amazing Correlation Between Bitcoin Price and the US Stock Market: A Myth or Harsh Reality?

Beyond political dynamics, it’s noteworthy that the German government concluded its Bitcoin sales on July 12, alleviating selling pressure and catalyzing price increases over the weekend.

Bitcoin ETFs Witness Substantial Inflows

According to the latest CoinShares flows report dated July 15, Bitcoin exchange-traded funds, products, and trusts experienced significant inflows over the weekend. Bitcoin investment vehicles attracted $1.35 billion in capital, primarily from U.S. investors.

During Bitcoin’s price decline over the past several weeks, institutions capitalized on the dips created by the German government’s massive BTC sales and the uncertainty surrounding the Mt. Gox reimbursement plan.

On July 15, BlackRock CEO Larry Fink, leading the world’s largest asset manager, appeared on CNBC to articulate his change of heart regarding Bitcoin, describing the supply-capped asset as “digital gold” and a “legitimate” financial instrument.

Supply-Side Dynamics and Institutional Adoption

On the supply front, the political and institutional tailwinds signaling enhanced Bitcoin adoption by state and corporate entities are corroborated by U.S.-based miners holding Bitcoin in anticipation of future price appreciation.