US Bitcoin ETFs saw their largest daily inflows since they were created, accumulating $870 million Tuesday. As the world’s largest cryptocurrency nears its March high of $73,700 (originally reached), this surge in investment is a sign that investors are getting more excited.
Investor sentiment is boosted by the speculation that Donald Trump, Republican nominee for president over Kamala Harrias could win. This would create a positive atmosphere for investors. digital asset Crypto prices will ultimately be influenced by the ecosystem.
Bitcoin ETFs and Price Rally
Bloomberg dataThe Tuesday subscriptions have pushed year-todate flows for the grouping of 12 Bitcoin-related ETFs up to $23 billion. Analysts attribute Trump’s increased odds on election betting markets as the reason for growing interest in Bitcoin.
But while Trump has the edge in predictions markets, surveys show that Vice President Harris is battling it out with him. Harris pledged support for a regulated framework to regulate cryptocurrency. Still, Trump’s approach The community seems to be more receptive.
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Nick Forster is the founder and CEO of Derive.xyz. He said that Bitcoin option markets indicate a 1/3 chance of an increase in price of more than 10% during the election on 5 November.
The Bitcoin Price would rise to an astounding a new all-time high In the event that BTC rises to above $72,000 during the few days before the elections, the total amount of BTC in circulation could be $72,900.
Forster says that volatility can encourage traders to take positions for market changes, which in turn increases demand for Bitcoin ETFs. It also contributes to the price increase since the first of the week.
Experts Warn Of Possible Sell-Off
Eric Balchunas, an ETF specialist, has commented as well on the positive sentiment towards Bitcoin ETFs. The ETF expert noted that Bitcoin ETFs are expected to hit 1,000,000 BTC by today.
In a recent social media post, Balchunas reported US spot ETFs are expected to surpass 1 million BTC next Wednesday. They could also surpass Satoshi Nakamoto’s mystery Bitcoin creator Satoshi by mid-December.
Balchunas made a comment after Tuesday’s show. “We’re going to need to move up our predictions,” The Bitcoin ETFs have absorbed over 12,000 bitcoins in one day and now hold 996,000 BTC.
He expressed his optimism regarding the possibility of breaking the one million dollar mark in today’s market, saying that it was possible. “extraordinary” trading volume Significant inflows from the day before are expected to result.
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Balchunas warned that the market can also be unpredictible. “Anything can happen,” He warned about the possibility of a sell-off which would delay the achievement of 1,000,000 BTC.
According to an expert, the fear of losing out (FOMO), which is a reaction to a Trump win, could lead to a rapid increase in Bitcoin price.
As I wrote this, the biggest cryptocurrency in the market traded at $72,360. That’s an increase of 8% over the past seven days.
Chart from TradingView.com, image courtesy of DALL-E
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Source: www.newsbtc.com
