(Bloomberg) — A group of one dozen US bitcoin exchange-traded funds is on the cusp of a record monthly net inflow, bolstered by the digital asset’s historic surge toward $100,000 on President-elect Donald Trump’s embrace of crypto.

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The ETFs from issuers including BlackRock Inc. (BLK) and Fidelity Investments have attracted $6.2 billion so far in November, data compiled by Bloomberg show. The previous peak of $6 billion was achieved in February amid investor euphoria over the launch of the products at the start of the year.

Bitcoin (BTC-USD) a week ago came within $300 of the landmark $100,000 level for the first time, lifted by Trump’s pledge to scrap a Biden administration crackdown on crypto and put in place friendly regulators. The Republican has also backed the creation of a US strategic stockpile of the original cryptocurrency.

“We will continue to see inflows into ETFs, especially under a Trump administration where it’s slated to be easier for businesses and retirement funds to own this asset,” said Josh Gilbert, market analyst at eToro.

The rally in Bitcoin moderated this week, leaving the token at about $96,400 as of 5:48 a.m. in London on Friday. Smaller coins such as Cardano (ADA-USD) and Solana (SOL-USD) traded in tight ranges. Bitcoin has more than doubled this year, topping assets such as global stocks and gold.

The Securities and Exchange Commission under outgoing Chair Gary Gensler grudgingly permitted the launch of US spot-Bitcoin ETFs in January in the wake of a court reversal in 2023. The agency later also gave the green light for portfolios investing in second-ranked digital asset Ether (ETH-USD).

Gensler, a critic of the volatile and scandal-prone crypto industry, is stepping down from the SEC. Trump is expected to install a supporter of digital assets as agency head, potentially paving the way for ETFs for other tokens. Trump himself used to be an industry skeptic but pivoted as the sector poured huge sums into promoting its interests during election campaigning.

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