Analyst: Bitcoin spot ETFs' massive inflows drive cryptocurrency's rise

Odaily Odaily News Bitcoin broke through $68,000 in the early hours of this morning. Rachael Lucas, a cryptocurrency analyst at BTC Markets, said, "One of the main drivers of the rise is the massive inflow of funds into Bitcoin ETFs." According to SoSoValue data, the U.S. Bitcoin spot ETF recorded net inflows for the eleventh consecutive day on Friday, and BlackRock's IBIT has accumulated a net inflow of nearly $19 billion since its inception. In addition, Bitcoin's gains also appear to have been affected by the November presidential election announced by U.S. President Biden, which could increase the likelihood of a win for Republican candidate Trump, who supports cryptocurrency. Although Biden supports Vice President Kamala Harris to succeed him as the Democratic nominee, Harris has not yet expressed views in support of or against the cryptocurrency industry. Rachael Lucas said that market trends may still be affected by the outstanding repayments of Mt.Gox, and the market may still face short-term variables as most of the expected creditor repayments (a total of $9 billion) are expected to be processed in early August. (The Block)