PANews reported on October 28 that according to Cointelegraph analysis, the US spot Bitcoin ETF is expected to purchase its 1 millionth Bitcoin as early as this week as traders are preparing for possible positive factors for cryptocurrencies in November. These positive factors include the US election, possible interest rate cuts by the Federal Reserve, and Russia's lifting of the ban on Bitcoin mining - all of which occurred in November.
According to data from Apollo and SoSoValue, U.S. spot Bitcoin ETF issuers currently hold 976,893 Bitcoins, worth more than $66.2 billion, almost 5% of Bitcoin's $1.34 trillion market value. Spot Bitcoin ETFs need to receive $1.55 billion in net inflows (i.e., purchase an additional 23,107 Bitcoins) to reach this milestone. To achieve this goal this week, an average of $301 million in net inflows per day would be required.
Furthermore, however, Henrik Andersson, chief investment officer at Apollo Capital, believes that the “biggest determining factor” in whether crypto markets rise is a Trump victory: “If he does win, we think the momentum in risk assets could push Bitcoin to $100,000 by the end of the year.”
