Bitcoin ETFs Near Record High as Election Fever Grows

The price of bitcoin topped $73,500 on Tuesday, nearing its record high in March.

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sumit
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Senior ETF Analyst
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Reviewed by: etf.com Staff
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Edited by: Kiran Aditham

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. 
 

Sumit Roy is the senior ETF analyst for etf.com, where he has worked for 13 years. He creates a variety of content for the platform, including news articles, analysis pieces, videos and podcasts.

Before joining etf.com, Sumit was the managing editor and commodities analyst for Hard Assets Investor. In those roles, he was responsible for most of the operations of HAI, a website dedicated to education about commodities investing.

Though he still closely follows the commodities beat, Sumit covers a much broader assortment of topics for etf.com, with a particular focus on stock and bond exchange-traded funds.

He is the host of etf.com’s Talk ETFs, a popular video series that features weekly interviews with thought leaders in the ETF industry. Sumit is also co-host of Exchange Traded Fridays, etf.com’s weekly podcast series.

He lives in the San Francisco Bay Area, where he enjoys climbing the city’s steep hills, playing chess and snowboarding in Lake Tahoe.

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