The election prospects of both presidential candidates are favorable for crypto assets. Driven by strong demand, the world's largest Bitcoin ETF—BlackRock's iShares Bitcoin Trust ETF—welcomed an influx of $872 million on Wednesday
The U.S. election day has entered a critical phase, and Bitcoin ETFs are experiencing the largest net inflow in history.
According to data compiled by Bloomberg, on Wednesday, the world's largest Bitcoin ETF—BlackRock's iShares Bitcoin Trust ETF—saw an influx of $872 million, setting a record for the highest single-day inflow.
With Republican presidential candidate Trump pledging to make the U.S. a global leader in cryptocurrency, the influx of funds into crypto assets is seen as a bet on Trump's victory. Additionally, Democratic candidate Harris has also promised to support a regulatory framework for the industry, which is favorable for crypto assets.
James Seyffart, an ETF analyst at Bloomberg Intelligence, commented:
“There is significant demand for Bitcoin ETFs, and investors may be reacting to Bitcoin's momentum and Trump's chances of winning.”
As the betting market continues to heat up regarding Trump's victory, the Bitcoin spot market has also entered a "Trump rally," briefly rising above $72,000, with a monthly increase of over 15%. As of the time of writing, Bitcoin is down 2.92% for the day, priced at $70,100 per coin.
