Satoshi’s Record At Stake: Bitcoin ETFs Could Cross 1 Million BTC Today
31 Octobre 2024 - 5:30AM
NEWSBTC
US Bitcoin ETFs recorded their highest daily inflow since
inception, amassing $870 million on Tuesday. This surge in
investment comes as the largest cryptocurrency inches closer to its
all-time high of $73,700, originally reached in March. This
comes as investor sentiment appears to be buoyed by speculation
surrounding a potential victory for Republican candidate Donald
Trump over VP Kamala Harris, which many believe could foster a more
positive environment for the digital asset ecosystem, ultimately
favoring crypto prices. Bitcoin ETFs Inflows And Price Rally
According to Bloomberg data, Tuesday’s subscriptions pushed the
year-to-date inflows for the group of 12 Bitcoin ETFs to over $23
billion. Analysts attribute the growing demand for Bitcoin exposure
to Trump’s elevated odds in election betting markets.
However, while Trump leads in prediction markets, polls show a
tight race against Vice President Harris, who has pledged to
support a regulatory framework for the cryptocurrency industry.
Still, Trump’s approach seems to have resonated more with the
community. Related Reading: Solana Memecoin Market Thrives: POPCAT
Reaches New Record Price Of $1.75 Adding to the speculation,
Bitcoin options markets reflect a one-third chance of a price swing
exceeding 10% on election day, November 5, as indicated by Nick
Forster, founder of the crypto trading platform Derive.xyz.
This surge would take the Bitcoin price to a new all-time high of
$72,900 in the potential scenario where BTC consolidates above
$72,000 for the next few days ahead of the election. Forster
believes such volatility often encourages traders to position
themselves for potential market movements, increasing demand for
Bitcoin ETFs and contributing to the current price rally since the
beginning of the week. Expert Warns Of Potential Selloff ETF
expert Eric Balchunas has also commented on the bullish sentiment
surrounding Bitcoin ETFs. He noted that these funds are on track to
reach 1 million BTC in holdings as early as today. In a
recent social media post, Balchunas reported that US spot ETFs
could surpass 1 million BTC by next Wednesday, potentially
surpassing the holdings of Bitcoin’s mysterious creator, Satoshi
Nakamoto, by mid-December, with the funds adding approximately
17,000 BTC each week. However, following Tuesday’s performance,
Balchunas remarked, “We’re going to need to move up our
predictions,” highlighting that Bitcoin ETFs had gobbled up over
12,000 coins in a single day, now holding 996,000 BTC. The
expert expressed optimism about the likelihood of breaching the 1
million mark today, stating that the “extraordinary” trading volume
from the previous day is likely to translate into significant
inflows. Related Reading: Cardano (ADA) NVT Ratio Now Highest Since
June: What Does It Mean? Balchunas also cautioned that market
conditions can be unpredictable. “Anything can happen,” he warned,
referencing the risk of a sudden selloff that could delay reaching
the 1 million BTC milestone. Conversely, if Bitcoin prices
continue to rise and a Trump victory boosts market enthusiasm, a
fear of missing out (FOMO) could drive even more rapid
accumulation, according to the expert’s analysis. When writing, the
largest cryptocurrency on the market was trading at $72,360, up
over 8% in the 7-day time frame. Featured image from DALL-E,
chart from TradingView.com
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