Bitcoin Closes In On $65K As ETFs See Over $400M In Net Inflows
Posted On October 14, 2024
Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) exchange-traded funds (ETFs) saw an inflow surge totaling $407 million last week.
The inflow was driven primarily by shifting political winds rather than monetary policy considerations.
What Happened: The recent U.S. vice presidential debate and subsequent polling shift towards Republicans, perceived as more crypto-friendly, sparked an immediate boost in both inflows and prices, according to James Butterfill, Head of Research at CoinShares.
This political influence overshadowed strong economic data, which had minimal impact on stemming outflows, the analyst stated in Monday’s report.
As expected, given the political nature of these inflows, …
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