Bitcoin ETFs See Record $870M Inflows as Trump’s Election Odds Hit 66.5%

• Bitcoin demand rises, echoing 2016 election trends as Trump’s re-election odds grow.
• Record ETF inflows boost Bitcoin market confidence, reflecting strong investor interest.
• Technical indicators present mixed signals, with MACD suggesting upward momentum and RSI hinting at a potential pullback.

Bitcoin’s price and demand are on the rise, echoing patterns seen during the 2016 U.S. presidential election cycle. For the upcoming 2024 U.S. presidential elections, however, betting markets place former President Donald Trump’s re-election odds at 66.5%, fueling optimism around Bitcoin and expectations of favorable regulatory shifts, leading to a bullish outlook among investors.

As Bitcoin demand strengthens, recent inflows into Bitcoin exchange-traded funds (ETFs) add to the cryptocurrency’s momentum, potentially setting up another price rally similar to 2016.

Historical Trends and Current Market Sentiment

When Trump won the 2016 presidential election, Bitcoin was trading around $700 per BTC. Over the following year, Bitcoin’s value surged to nearly $3,000. Some analysts attribute this rise to anticipation of pro-Bitcoin regulatory moves under Trump’s administration.

With Trump’s potential return looking more likely, market sentiment reflects increased confidence as investors turn to Bitcoin as a hedge in a volatile political landscape. Betting markets show strong support for Trump, suggesting potential regulatory shifts that could drive further Bitcoin gains.

Read also: Crypto Poll by Saylor Shows 90% Support for Trump Over Harris

Record Inflows in Bitcoin ETFs Indicate Growing Demand

Beyond political factors, U.S.-listed Spot Bitcoin ETFs recorded over $870 million in net inflows, marking the third-highest influx since these products debuted in January.

BlackRock’s IBIT ETF led with $629 million, followed by Fidelity’s FBTC at $133 million and Bitwise’s BITB at $52 million. Grayscale’s BTC mini trust, VanEck’s HODL, and Ark’s ARKB were among other contributing ETFs.

Only Grayscale’s GBTC saw net outflows of $17 million. Total trading volumes surpassed $4.75 billion, with IBIT accounting for $3.3 billion.

Bitcoin’s Market Movement

Bitcoin’s price reached $72,355.19, reflecting a 1.95% increase. The cryptocurrency’s market cap rose to $1.43 trillion over the past day, with trading volume rising 10.27% to $52.13 billion.

From a technical analysis, Bitcoin’s movement showed a mixed outlook. The MACD indicator shows a bullish alignment, with the MACD line positioned above the signal line, signaling continued upward momentum.

However, the RSI has reached 70.64, approaching overbought territory.