Connect with us

Hi, what are you looking for?

Bitcoin ETFs
Bitcoin ETFs

Cryptocurrency

Bitcoin ETFs Are Set to Break the 1 Million BTC Milestone Amidst November’s Bullish Outlook

Anticipating promising cryptocurrency developments in November, U.S. spot Bitcoin ETFs are on track to surpass the one million Bitcoin milestone as inflows soar. Market conditions may favor a large increase in Bitcoin holdings by ETFs, bringing them closer to historic levels, given impending events including the U.S. election, prospective rate reduction by the Federal Reserve, and Russia lifting its ban on Bitcoin mining.

Location A significant milestone is approaching for Bitcoin exchange-traded funds (ETFs) in the US: they currently own a total of one million BTC, which is over 5% of the total market value of Bitcoin. Analysts predict that current trends could potentially reach this goal this week due to the high institutional inflows.

Given that ETF issuers currently own approximately 976,893 BTC, valued at over $66 billion, they would require an additional net inflow of about $1.55 billion to reach the 1 million BTC milestone. Given the recent market momentum, this corresponds to an average of $301 million in inflows every day, which is a difficult but attainable aim.

Given a few significant events that could increase demand for Bitcoin in November, traders are especially upbeat about the month. Notably, if candidates with pro-crypto policies get support, the U.S. election may fuel sentiment that is more favorable to cryptocurrencies. Furthermore, the Federal Reserve may lower interest rates at its meeting in early November, which usually helps the cryptocurrency market as a whole. The lifting of Russia’s prohibition on Bitcoin mining on November 1st is another potentially bullish aspect that could positively impact the long-term stability and network decentralization of Bitcoin.

Additionally, historical data points to a positive trend for Bitcoin in November. Many attribute the 43% increase in Bitcoin that month during the most recent election cycle in 2020 to post-halving momentum and election outcomes. Analysts predict that Bitcoin ETFs will see significant inflows this year if comparable circumstances materialize, as investors seek to profit from the bull market.

Notable colleges and asset management behemoths are among the institutional entities that have expanded their exposure to Bitcoin. For instance, BlackRock’s iShares Bitcoin Trust is getting close to 400,000 BTC, making it a major participant in the Bitcoin ETF market.

With significant support at $65,000 and significant interest just below it, Bitcoin is currently trading at about $67,700. Traders think the market may see a fresh push toward the $70,000 mark and higher if this support holds. November could be a pivotal month for Bitcoin ETFs as they approach the 1 million BTC milestone under these auspicious circumstances.

Advertisement

You May Also Like

Cryptocurrency

Bolivia's Banco Bisa has launched a custody service for the USDT stablecoin, allowing users to purchase, trade, and transfer cryptocurrencies in a controlled setting....

Cryptocurrency

Brian Armstrong, CEO of Coinbase, has called on the next SEC chair to apologize for the damage that uneven enforcement and regulations have done...

Business

Meta is reportedly developing its own AI-based search engine to reduce its reliance on Google and Bing. Using Meta's AI chatbot, this new search...

Elections

Former President Donald Trump is putting out a comprehensive tax reform plan that will replace the federal income tax with import duties. He defended...

polkadot
Polkadot (DOT) $ 3.89 1.31%
bitcoin
Bitcoin (BTC) $ 69,095.51 1.56%
ethereum
Ethereum (ETH) $ 2,502.30 0.60%
cardano
Cardano (ADA) $ 0.354493 3.32%
xrp
XRP (XRP) $ 0.512028 0.67%
stellar
Stellar (XLM) $ 0.092767 0.73%
litecoin
Litecoin (LTC) $ 69.96 1.38%