BlackRock’s Bitcoin ETF Reaches 2% Of Total BTC Supply Amid Record Inflows

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As a seasoned crypto investor with a knack for recognizing market trends and a keen interest in politics, I find myself intrigued by the recent surge in Bitcoin ETF demand. The inflows into BlackRock’s iShares Bitcoin Trust are a testament to the growing institutional acceptance of digital assets, particularly Bitcoin.

On Wednesday, the world’s largest asset manager, BlackRock, reached a notable achievement in the Bitcoin ETF market, attracting the highest investments since these financial instruments were introduced in January.

Bitcoin ETF Demand Soars Ahead Of US Presidential Election

On Wednesday alone, BlackRock’s iShares Bitcoin Trust received approximately $872 million, setting a new daily record for the fund. This significant investment underscores the robust interest in Bitcoin Exchange-Traded Funds (ETFs). In fact, subscriptions for this relatively new product, launched nine months ago, are among the highest globally for ETFs anticipated in 2024.

Due to recent purchases, BlackRock now owns a total of 429,185 Bitcoins, which is equivalent to around $31.04 billion. This represents approximately 2.04% of the total Bitcoin supply, as only 21 million coins can be mined in total.

The surge in recent investments is often linked to a trend known as the “Trump trade,” as Donald Trump, the GOP’s pro-cryptocurrency candidate, sees an increase in support in betting markets leading up to the election on November 3rd.

1) Bitcoin is about to hit record levels, driven by a 13% surge in October. James Seyffart, an analyst at Bloomberg Intelligence for ETFs, commented on Bloomberg Television that there’s a strong demand for these investment funds, implying that investors are not just reacting to Bitcoin’s price increase but also to the increasing likelihood of President Trump’s re-election.

Trump has garnered attention by declaring his ambition to transform the United States into the leading global hub for cryptocurrencies, and to establish a national Bitcoin reserve aimed at reducing America’s staggering $35 trillion national debt by half.

On the flip side, Democratic Vice President Kamala Harris, has expressed her commitment towards establishing a regulatory structure for the cryptocurrency sector. However, she hasn’t elaborated on how her prospective administration intends to respond to the public’s requests for leadership change at the Securities and Exchange Commission (SEC) and its stance on digital assets.

Price Predictions Surge

In the midst of optimistic forecasts about the top cryptocurrency, market analyst Ali Martinez offers intriguing perspectives on Bitcoin’s projected price movement over the coming months.

On the social media site X (previously known as Twitter), Martinez recently shared an insightful post. He examined historical trends, observing that Bitcoin tends to reach its peak within the range of Fibonacci retracement levels 1.618 and 2.272 during past market uptrends.

Based on his predictions, if the current trend persists, Bitcoin’s value might fall within the estimated range of $174,000 to $462,000 during this particular cycle.

Beyond his price forecasts, Martinez also highlighted another positive sign: a substantial withdrawal of Bitcoin from cryptocurrency platforms. Over the last two days, roughly 8,000 Bitcoins, worth about $576 million, have been taken out of these platforms.

This pattern indicates that more and more investors are choosing to keep their Bitcoin instead of selling it, potentially leading to a rise in prices since Bitcoin is approaching its record high of around $73,700 set in March.

Currently when I’m typing this, Bitcoin was being exchanged for approximately $71,640. Compared to the previous 24-hour period, that’s a decrease of about 1.2%.

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2024-11-01 09:41