BTCUSD: +0.61%
BTCUSDT: +0.86%
Bold strides in Bitcoin ETFs: The United States spot Bitcoin exchange-traded funds (ETFs) are on the cusp of surpassing the one-millionth BTC mark, potentially reaching this milestone within the week. As of now, US Bitcoin ETF issuers hold 976,893 BTC, valued at over $66.2 billion—close to 5% of Bitcoin’s overall market cap of $1.34 trillion.
Traders and analysts point to several positive factors for Bitcoin this November, including the upcoming US election, potential Federal Reserve rate cuts, and Russia lifting its Bitcoin mining ban on November 1. The US Bitcoin ETFs would need a net inflow of $1.55 billion to acquire an additional 23,107 BTC at current prices, pushing them to this historic milestone. With an estimated $301 million in daily inflows, the goal may be met as soon as this week.
Alessandro Ottaviani, a prominent Bitcoin analyst, highlighted that $3 billion has flowed into spot Bitcoin ETFs in the past two weeks. Ottaviani noted, “If this pace continues, a new all-time high is within reach by November’s end.”
Bitcoin historically rallies following its halving events, with the last one occurring in April 2024. In the November 2020 election cycle, Bitcoin saw a 43% surge shortly after Biden’s victory. Regardless of the November 2024 election outcome, some analysts, including CK Zheng of ZX Squared Capital, see similar patterns likely emerging. Henrik Andersson of Apollo Capital believes a Donald Trump victory could trigger a rally that may push Bitcoin to an all-time high of $100,000.
Further momentum may come from institutional adoption, as seen in Emory University’s recent $15.1 million investment in the Grayscale Bitcoin Mini Trust.
On November 6-7, the US Federal Reserve’s FOMC is expected to discuss an anticipated 25-basis point rate cut, forecasted by CME Group’s Fedwatch tool at a 94.7% likelihood. Such a cut could ease financial pressures, positively affecting consumer spending and markets in the short term.
Bitcoin continues to trade just under the $70,000 mark, with solid support around $65,000. Analyst Luca noted on X (formerly Twitter), “A significant number of longs are stacked at the $65K level, marking a key support zone; if breached, the next level to watch is $60,000.”
