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US Bitcoin ETFs Get Third-Highest Inflow With Token Near Record - BLOMBERG
(Bloomberg) -- US exchange-traded funds investing in Bitcoin saw an $870 million net inflow, their third-highest daily haul, as the digital asset flirts with a record high amid speculation about the potential outcome of the US election.
The subscriptions on Tuesday lifted year-to-date inflows for the group of 12 funds to more than $23 billion, according to data compiled by Bloomberg. The issuers of the ETFs include the likes of BlackRock Inc. and Fidelity Investments.
Some analysts cite Republican nominee Donald Trump’s elevated odds in election betting markets for the growing demand for Bitcoin exposure. He embraced digital assets during campaigning, turning the token into a so-called Trump trade.
While Trump is ahead in prediction markets, polls show a neck-and-neck race against Democratic candidate Vice President Kamala Harris, who has pledged to support a regulatory framework for the crypto industry.
Bitcoin options signal a one-third chance of a greater than 10% swing in the price of the largest digital asset on Election Day on Nov. 5, Nick Forster, founder of crypto trading platform Derive.xyz, wrote in a note.
Bitcoin churned near $72,480 as of 6 a.m. Wednesday in London, on the cusp of breaching the all-time peak of $73,798 achieved in March. The token’s 73% climb this year exceeds the returns from assets like stocks and gold.
