In a blockbuster week for Bitcoin, U.S. spot Bitcoin ETFs look primed to claim their millionth BTC as inflows surge. This milestone, anticipated by traders and analysts alike, could mark a pivotal moment for the world’s most well-known crypto. With 976,893 BTC under their belts, these ETFs are a whisker away from hitting the big 1 million—an event that would solidify their grip on nearly 5% of Bitcoin’s total market cap.
November’s shaping up to be a fireworks display for crypto. Between the U.S. election and Russia lifting its mining ban, Bitcoin enthusiasts have their eyes peeled. Analysts think the Federal Reserve could even drop interest rates, spurring more capital to flood into crypto. According to Apollo Capital’s latest data, ETF issuers need just $1.55 billion more to hit the target—a feat that seems reachable, with $301 million already pouring in daily.
ETF Inflows and Election Shifts Could Spark All-Time High
Bitcoin analyst Alessandro Ottaviani thinks this could be the start of an avalanche. In the last two weeks alone, spot Bitcoin ETFs saw an influx of $3 billion. “If this pace continues through November, ATH will be [inevitable],” Ottaviani posted. The memory of November 2020, when Bitcoin saw a 43% spike following Biden’s win, has traders buzzing. And with the 2024 U.S. election only days away, another price surge could be in the cards.
For those betting on a Trump comeback, there’s talk that a risk-on rally could push BTC straight to $100,000. Henrik Andersson, CIO of Apollo Capital, commented that Trump winning could “drive BTC to reach $100,000 by the end of the year.” In his view, such a rally could secure Bitcoin a new all-time high, with the world watching as crypto’s favorite token makes fresh headlines.
The Federal Reserve and Russia: Critical Fuel for BTC’s Flight Path
The Federal Open Market Committee meets on Nov. 6 and 7, where CME Group’s FedWatch Tool estimates a 94.7% likelihood of a 25-basis-point rate drop. These rate cuts could handily ease financial strain, historically boosting markets short-term. On top of that, Russia is set to lift its Bitcoin mining ban on Nov. 1, a move that’s bullish for Bitcoin’s decentralization and security, adding some global heft to the network.
Bitcoin is now trading at $67,700, nudging its head at $70,000 but finding key support around $65,000. Noted crypto trader Luca warned, “[There is a] MASSIVE pile of longs sitting just under 65K, which is also a very important support level. Lose that, and the next support range at 60K gets exposed.”
Meanwhile, institutions are getting in on the Bitcoin action. Emory University reported over $15.1 million in holdings via the Grayscale Bitcoin Mini Trust. As the BTC spotlight intensifies, these academic and institutional buys only underscore the mounting interest from every corner of the financial world.
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