Since Donald Trump became president-elect, almost $10 billion has flown into Bitcoin U.S. exchange-traded funds (ETFs). This surge is a sign that his support for cryptocurrency is bullish for market growth.

According to a recent report by Bloomberg, BlackRock Inc. and Fidelity Investments funds are included in the net investments of $9.9 billion in a dozen ETFs, resulting in $113 billion in total value.

Last week, Trump picked a known supporter of digital assets to head the U.S. Securities and Exchange Commission (SEC). He also hired the first White House official czar dealing exclusively in artificial intelligence and cryptocurrency.

Trump has also pledged to replace the current administration’s reluctant perception of digital assets with more liberal regulations. He even suggested there should be a national Bitcoin reserve. Trump, once a skeptic of crypto, came around when the industry-funded the efforts to support its agenda during the election campaign.

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