Due to the large influx of funds into the BTC spot ETF and the optimistic sentiment about the regulatory outlook in the US, BTC rose on Monday.
Data shows that in the week ending October 18, the US BTC spot ETF saw net inflows of nearly $2.4 billion, partly due to people betting that US cryptocurrency rules will become more friendly after the November 5 presidential election.
David Lawant, head of research at cryptocurrency brokerage FalconX, said that the two key market trends affecting the BTC market trend are the election and the global macroeconomic environment. He wrote in a report that the BTC options market indicates that "forward implied volatility is severely concentrated around election day, weakening somewhat in the period before and after election day."
In the seven days ending last Sunday, BTC rose nearly 10%, its best weekly performance in over a month. (Bloomberg)