Bitcoin ETF Inflows Give BTC Price Momentum Beyond $70,000

Key Points:

• Bitcoin surpassed $70,000, driven by strong Bitcoin ETF inflows, which have amassed over $22 billion, led by BlackRock’s IBIT fund.
• With the U.S. election approaching, Bitcoin is influenced by candidate stances on crypto.

Bitcoin surged above the $70,000 mark this week to an unexpected high since June, driven by heavy Bitcoin ETF inflows and speculation on the forthcoming US presidential election.

Read more: Bitcoin ETF Options Trading Now Approved By The SEC

BTC Price Clears $70,000 on Strong Bitcoin ETF Inflows

The leading cryptocurrency benefited from investor interest in dedicated Bitcoin ETFs, which have gained traction since their launch, drawing more than $22 billion in total inflows.

Of the Bitcoin ETF inflows, BlackRock’s IBIT has been at the forefront with its significant inflows of $24 billion. On the other hand, huge outflows of $20 billion were witnessed for Grayscale‘s product, the GBTC. The broad momentum in Bitcoin ETFs has turned more aggressive, with net inflows amounting to nearly $1 billion last week- a strong demand witnessed in the past six months.

Trump’s Pro-Crypto Stance Draws Investor Interest

The move also reflects more general gains across the broader cryptocurrency market, with the second-largest token, Ether, also rising but at lower margins. According to Bloomberg, the dynamic of digital currencies has been more closely watched by investors as the U.S. election draws near, in which both major candidates have indicated a different approach toward digital assets.

Republican nominee Donald Trump has promised to make the U.S. the “crypto capital” of the world, music to crypto bulls who further dub Bitcoin a “Trump trade” as it surges on his lead in prediction markets.

On the other hand, Democratic candidate and Vice President Kamala Harris has taken a much more measured tone on the crypto issue. The VP wants a full regulatory outline for its support; hence, very different from the restrictive measures during Joe Biden’s administration.