Bitcoin ETFs witness significant inflows anticipating Donald Trump's win
Investors are increasingly pouring money into Bitcoin-tracking funds. The trend is fueled by expectations of a second presidential term for Donald Trump, a pro-crypto candidate. According to data, exchange-traded funds (ETFs) tracking the spot price of Bitcoin witnessed net inflows of $917.2 million on Wednesday, the largest single-day jump since March this year.
BlackRock's iShares Bitcoin Trust ETF records significant net flows
BlackRock's iShares Bitcoin Trust ETF, the largest spot Bitcoin fund by assets under management, has witnessed a massive surge in net flows. The fund received $872 million in net flows, its highest single-day haul since its launch in January. The surge comes amid a 12% rise in Bitcoin value in October, further stoking investor optimism toward funds tracking the world's largest cryptocurrency.
Market anticipates potential crypto-friendly legislation post-election
Analysts at Ryze Labs have observed that the growing possibility of a Republican win has fueled hopes for crypto-friendly legislation in Congress after the elections. Even though polls show a close contest between Trump and Democrat Kamala Harris, betting sites such as Polymarket are predicting better odds of a Trump win. This political ambiguity is prompting investors to brace for a volatile election week, futures markets data shows.
Crypto market anticipates daily price swings during election week
Data from crypto derivatives exchange Deribit indicates possible daily price swings of around 3.7% in Bitcoin on either side until November 8. Open interest on crypto derivatives exchanges, a measure of market activity, hit a record high of $43.61 billion on Tuesday, data provider Coinglass reported. Despite the expected volatility, Deribit CEO Luuk Strijers believes traders expect instability to fade and Bitcoin's value to continue rising post-election week.
