Bitcoin Bullishness Continues as ETFs Add Nearly $1 Billion Ahead of Election – Decrypt

Simply over one week till the U.S. presidential election, Bitcoin traders’ bullishness continues. 

After persevering with to break information, the brand new Bitcoin change traded-funds (ETFs) have attracted extra cash: Final week, almost $1 billion entered funds giving traders publicity to the largest cryptocurrency, knowledge from European asset supervisor CoinShares confirmed Monday.

The agency factors to buzz from the election, as former U.S. President Donald Trump leads in opposition to present Vice President Kamala Harris in some polls and has a commanding lead on crypto prediction market platform Polymarket. Ex-President Trump has explicitly mentioned he would assist the digital asset trade if he wins. 

“We imagine that present Bitcoin costs and flows are closely influenced by U.S. politics, with the current surge in inflows probably linked to the Republicans’ ballot positive factors,” CoinShares’ Monday report mentioned. 

Of all of the influx knowledge that CoinShares tracks—which incorporates numbers from ETFs in Europe and Asia—Bitcoin remained the primary focus final week. Traders cashed out of funds giving publicity to Solana and Ethereum final week, CoinShares famous, however Bitcoin funds noticed surging positive factors.

In complete, speculators pumped $920 million into Bitcoin funds worldwide. The brand new funds buying and selling on U.S. inventory exchanges introduced in most of that quantity. Cash additionally left funds aiming to brief Bitcoin, or guess on its value to go down sooner or later. 

Bitcoin is now buying and selling for $68,759 after reaching a excessive of $69,217 per coin earlier right this moment, in accordance to CoinGecko. That’s a one-week excessive for the main cryptocurrency.

The Securities and Alternate Fee in January gave the inexperienced mild to permit 10 Bitcoin ETFs to start out buying and selling within the U.S. and the merchandise have been wildly in style, amassing greater than $20 billion value of complete inflows up to now this yr. BlackRock’s fund has been the largest launch throughout all new ETFs over the past 4 years, per Bloomberg knowledge.

Edited by Andrew Hayward