Data shows that with the positive expectations for the crypto market, the amount of BTC held by US BTC spot ETFs may exceed 1 million BTC within this week. This optimistic forecast is driven by factors such as the US election, the Fed's interest rate cut expectations, and Russia's cancellation of the BTC mining ban. According to data from Apollo and SoSoValue, US BTC spot ETFs currently hold about 976,893 BTC, with a total value of over $66.2 billion, accounting for 5% of BTC's $1.34 trillion market cap. In the coming period, as long as an additional $1.55 billion in net inflows, their BTC holdings are expected to break through 1 million BTC. Calculated at the current BTC price, this requires a net inflow of $301 million per day this week. BTC analyst Alessandro Ottaviani said that the recent market trend has been very good, with about $3 billion flowing into these ETFs in the past two weeks. If this inflow rate can be maintained until November, the breakthrough of BTC's ATH will be unstoppable. From a historical perspective, BTC's price has always surged in the few months after each BTC halving, and the most recent BTC halving was just in April this year. In addition, the outcome of the US presidential election on November 5 may further drive the value of BTC. In November 2020, after the BTC halving in May 2020 and Joe Biden's victory in the US presidential election, BTC price surged 43% in the short term. CK Cheng, Chief Investment Officer of ZX Squared Capital, said that regardless of who wins the US presidential election this year, the market may see a similar trend. Henrik Anderson, Chief Investment Officer of Apollo Capital, emphasized that the impact of the US presidential election result is huge, and if Donald Trump wins the election, BTC price is expected to reach $100,000 before the end of the year, setting a new record high and becoming global headlines. In addition, the Fed meeting scheduled for November 6-7 is also crucial, with the CME Group's Fedwatch tool predicting a 94.7% chance of another 25 basis point rate cut this year. Such interest rate adjustments usually ease financial pressure on consumers and have a positive short-term impact on the market. This series of positive factors combined set the stage for a potential super bull market cycle for BTC and its stakeholders in the coming month.Disclaimer: The information provided in this section is for reference only and does not constitute any investment advice or official view of FameEX.
