November 2024 is shaping up to be a historic month for US Bitcoin Exchange-Traded Funds (ETFs), with net inflows reaching a staggering $6.2 billion. This figure surpasses the previous record of $6 billion set in February, reflecting heightened investor interest as Bitcoin inches closer to the $100,000 mark.
Trump’s Influence on Crypto
Bitcoin surged last week, coming within $300 of the $100,000 milestone, thanks to President-elect Donald Trump’s pledge to reverse Biden-era crypto restrictions. Trump has promised to implement pro-crypto policies, including appointing a crypto-supportive SEC chair and creating a strategic Bitcoin reserve.
Key ETF Data
| Metric | Details |
|---|---|
| Monthly ETF Inflows | $6.2 billion |
| Previous Record | $6 billion (Feb 2024) |
| Bitcoin Price | $95,400 (current) |
| Top ETF Issuers | BlackRock, Fidelity |
Expert Insights
- Josh Gilbert, eToro Market Analyst:
“Under a Trump administration, regulatory relief will likely boost ETF inflows, enabling retirement funds to invest in digital assets more easily.” - Market Sentiment:
Analysts expect Bitcoin ETFs to expand, with Trump’s administration potentially paving the way for ETFs based on other tokens like Ether.
Bitcoin’s Performance
Bitcoin has doubled in value this year, outperforming traditional assets like gold and global stocks. The rally has sparked increased interest in smaller cryptocurrencies, including Cardano and XRP, which traded in tight ranges this week.
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Disclaimer: This article is for informational purposes only. Cryptocurrency investments are speculative and carry significant risk.