Analysis: Multiple positive factors are expected in November, and Bitcoin ETF may soon purchase its 1 millionth Bitcoin
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Odaily Planet Daily Report: The US spot Bitcoin ETF is expected to purchase its 1 millionth Bitcoin as early as this week, as traders are preparing for potential crypto-friendly factors in November. These positive factors include the US election, the Federal Reserve's potential interest rate cut, and Russia's lifting of the Bitcoin mining ban - all of which are happening in November. According to data from Apollo and SoSoValue, the issuer of the US spot Bitcoin ETF currently holds 976,893 Bitcoins, worth over $66.2 billion, accounting for nearly 5% of Bitcoin's $1.34 trillion market cap. The spot Bitcoin ETF needs a net inflow of $1.55 billion (i.e., the purchase of an additional 23,107 Bitcoins) to reach this milestone. To achieve this goal within the week, it would require a net inflow of $301 million per day on average. Furthermore, however, Henrik Andersson, Chief Investment Officer of Apollo Capital, believes that the "most decisive factor" determining the direction of the crypto market is Trump's victory: "If he actually wins, we think the momentum of risk assets could drive Bitcoin to $100,000 by the end of the year."(Cointelegraph)
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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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