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On Wednesday, BlackRock, the world's largest asset manager, achieved a significant milestone in the bitcoin ETF market, recording the largest inflows since the investment funds were created in January.
bitcoin ETF Demand Soars Ahead of US Presidential Election
bitcoin-etf-gets-record-inflow-on-trump-trade” target=”_blank” rel=”nofollow”>According According to Bloomberg, approximately $872 million flowed into BlackRock's iShares bitcoin Trust on Wednesday, marking a daily record for the fund. This influx highlights the strong demand for bitcoin ETFs, with subscriptions for this nine-month product ranking among the highest globally for ETFs in 2024.
As a result of the inflows, BlackRock's total bitcoin holdings now stand at 429,185 btc, valued at approximately $31.04 billion. This represents approximately 2.04% of the total bitcoin supply, capped at 21 million coins.
The recent inflows are attributed to a phenomenon called “Trump trading,” as the pro-cryptocurrency Republican candidate put it. donald trump gains momentum in the betting markets ahead of the next election day on November 5.
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bitcoin is poised to reach new heights, boosted by a 13% rally in October. James Seyffart, ETF analyst at Bloomberg Intelligence, noted on Bloomberg Television that the demand for these ETFs is palpable, suggesting that investors are responding not only to the demand for bitcoin upward momentum but also to Trump's favorable odds in the political arena.
Trump has made headlines with his promise to make the United States the “crypto capital of the planet” and create a strategic reserve of bitcoin for the country to cut the US $35 trillion national debt in half.
Instead, the Democratic vice president Kamala Harrishas pledged to support a regulatory framework for the cryptocurrency industry, but has not provided further details on how his potential new administration will address community calls for a change in the leadership of the US Securities and Exchange Commission. . (SEC) and its approach to digital assets. .
Increase in price predictions
Amid bullish predictions For the industry-leading crypto, market expert Ali Martinez has shared compelling insights into the potential bitcoin price trajectory for the coming months.
In a recent x.com/ali_charts/status/1851488702406840369″ target=”_blank” rel=”nofollow”>mail On the social media platform
If this trend continues, Martínez predicts that bitcoin could reach a price range between $174,000 and $462,000 in the current cycle.
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In addition to these price predictions, Martínez pointed out another bullish indicator: an important x.com/ali_charts/status/1851987237430530162″ target=”_blank” rel=”nofollow”>exit of bitcoin from cryptocurrency exchanges. In the last 48 hours, approximately 8,000 btc, valued at around $576 million, have been withdrawn from exchanges.
This trend means a growing inclination among investors to hold onto their bitcoin rather than sell it, which may create upward pressure on prices as btc approaches its all-time high level of $73,700 reached in March.
At the time of writing, btc was trading at $71,640. This represents a decline of 1.2% in the last 24 hours.
Featured image of DALL-E, chart from TradingView.com
