Обновлено 31 October
Bitcoin ETFs Set to Surpass 1 Million BTC Holdings Today
US Bitcoin ETFs experienced their highest daily inflow since inception, attracting $870 million on Tuesday. This increase coincides with Bitcoin approaching its all-time high of $73,700 set in March.
Investor sentiment is reportedly influenced by speculation regarding a potential Republican victory led by Donald Trump over VP Kamala Harris, which many believe could create a favorable environment for the digital asset ecosystem and positively impact crypto prices.
Bitcoin ETFs Inflows And Price Rally
Bloomberg data indicates that Tuesday's subscriptions pushed year-to-date inflows for 12 Bitcoin ETFs to over $23 billion. Analysts attribute this demand for Bitcoin exposure to Trump's favorable odds in election betting markets.
Despite Trump's lead in prediction markets, polls suggest a close race against Vice President Harris, who has committed to supporting a regulatory framework for cryptocurrencies. Nonetheless, Trump's stance appears to resonate more with the community.
Bitcoin options markets indicate a one-third chance of a price swing exceeding 10% on election day, November 5, according to Nick Forster, founder of Derive.xyz. This surge could potentially raise Bitcoin's price to a new all-time high of $72,900 if it consolidates above $72,000 leading up to the election.
Forster notes that such volatility often leads traders to position themselves for market movements, increasing demand for Bitcoin ETFs and contributing to the current price rally since the week's start.
Expert Warns Of Potential Selloff
ETF expert Eric Balchunas remarked on the positive sentiment surrounding Bitcoin ETFs, noting they are on track to reach 1 million BTC in holdings as early as today. He indicated that US spot ETFs could exceed 1 million BTC by next Wednesday, surpassing the holdings of Bitcoin's creator, Satoshi Nakamoto, by mid-December, with funds adding approximately 17,000 BTC weekly.
After Tuesday's performance, Balchunas stated, "We’re going to need to move up our predictions," highlighting that Bitcoin ETFs accumulated over 12,000 coins in a single day, now holding 996,000 BTC. He expressed optimism about breaching the 1 million mark today due to significant trading volume from the previous day likely translating into substantial inflows.
However, Balchunas cautioned about unpredictable market conditions, stating, "Anything can happen," 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, fear of missing out (FOMO) could accelerate accumulation.
As of the latest update, Bitcoin was trading at $72,360, reflecting an increase of over 8% in the past week.
Featured image from DALL-E, chart from TradingView.com