The US Spot Bitcoin ETF is expected to buy its 1 million bitcoin as soon as this week, as traders brace for potential cryptocurrency headwinds in November, including the US election, a possible interest rate cut by the Federal Reserve and the lifting of Russia's ban on bitcoin mining - all in November. According to Apollo and SoSoValue, US Spot Bitcoin ETF issuers currently hold 976,893 bitcoins, worth more than $66.20 billion and almost 5 per cent of the $1.34 trillion market cap. A spot bitcoin ETF would need to receive a net inflow of $1.55 billion (i.e., buy an additional 23,107 bitcoins) to reach this milestone.
Achieving that goal this week would require absorbing an average of $301 million in net inflows per day. Moreover, however, Henrik Andersson, chief investment officer at Apollo Capital, believes that the "biggest deciding factor" in determining whether the crypto market will rise is Trump's victory: "If he does win, we think the momentum in risk assets could push Bitcoin to $100,000 by the end of the year." (Cointelegraph)
Bitcoin ETF may soon buy its 1 million bitcoin this week
2024-10-28 06:08:53
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