The prospects for both presidential candidates are bullish for cryptocurrency assets, with strong demand driving the influx of $0.872 billion into Blackrock's iShares Bitcoin Trust ETF, the world's largest bitcoin ETF, on Wednesday.
On the day of the US election, bitcoin ETFs saw the largest net inflow in history as it entered the crucial stage of impact.
According to data compiled by Bloomberg, on Wednesday, the world's largest Bitcoin ETF - BlackRock's iShares Bitcoin Trust ETF - experienced an inflow of 0.872 billion US dollars, setting a record for single-day fund inflows. $iShares Bitcoin Trust (IBIT.US)$ Welcomed an inflow of 0.872 billion US dollars, setting a record for single-day fund inflows.
As the US Republican presidential candidate Trump pledges to make the US the global leader in cryptos, the influx of significant funds into crypto assets is seen as a bet on Trump's victory. In addition, Democratic candidate Harris has also promised to support the regulatory framework for the industry, which is also bullish for cryptos.
ETF analyst James Seyffart from Bloomberg Intelligence commented:
"There is a high demand for bitcoin ETFs, and investors may be reacting to the momentum of bitcoin and Trump's chances of winning."
As the gambling market continues to heat up bets on Trump's victory, the bitcoin spot market has also seen a 'Trump rally', rising to above 0.072 million US dollars at one point, with a monthly increase of over 15%. As of the time of writing, bitcoin fell by 1.17% intraday, falling below 70,000 US dollars.
Editor/Somer