Bitcoin ETFs Near Record High as Election Fever Grows
The price of bitcoin topped $73,500 on Tuesday, nearing its record high in March.
Spot bitcoin ETFs are knocking on the door of all-time highs as excitement about the presidential election next week grows.
The price of bitcoin topped $73,500 on Tuesday, just a hair shy of its March record high.
Bitcoin soared 75% between the start of the year and March 14 as the SEC finally greenlit spot bitcoin ETFs in the U.S. after a 10-year saga.
But from March through October, the cryptocurrency has been rangebound between $50,000 and $73,000 as the market digested those massive gains and investors searched for the next catalyst.
Bitcoin ETFs Soaring as Presidential Election Looms
Bulls hope that bitcoin can now break out of that range and many are pinning their hopes on a potential Trump victory as the fuel that shoots prices to fresh records.
The Republican candidate for president has been a vocal supporter of crypto during this election cycle.
“We will have regulations, but from now on the rules will be written by people who love your industry, not hate your industry,” Trump said at the Bitcoin 2024 conference in July.
But even if Trump loses, bitcoin could find support, some argue.
The acceptance of bitcoin as a bona fide asset class by an increasing number of investors should keep demand and prices rising, they say.
Since their launch in January, spot bitcoin exchange-traded funds have taken in a net $22.9 billion of inflows.
The bulk of those inflows have gone into the iShares Bitcoin Trust (IBIT) and the Fidelity Wise Origin Bitcoin Fund (FBTC), which have seen inflows of $24.9 billion and $10.5 billion, respectively.
On the other hand, $20.1 billion has come out of the Grayscale Bitcoin Trust (GBTC).
Total assets under management in U.S.-listed spot bitcoin ETFs stand at just under $80 billion, which compares to the $1.4 trillion market value of all bitcoin in existence.