BTC Hits $70K as Investors Focus on November’s US Elections; BTC ETF Consistently Inflow From Mid-Oct

Bitcoin (BTC) broke past the $70,000 mark, with the upcoming US elections driving investor sentiment.

VanEck’s Mathew Sigel noted that Bitcoin appears to have a bullish trajectory leading up to the elections.

Crypto ETFs saw net inflows of $901 million last week, with Bitcoin ETFs leading the charge.

Bitcoin started the week strong, surging above $70,000 amid rising anticipation of the US elections, according to VanEck’s Head of Digital Asset Research, Matthew Sigel. Institutional investors also showed confidence in crypto ETFs, which recorded $901 million in net inflows last week.

BTC Surges Past $70K as Trump Gains Momentum Ahead of Election

On Monday, Bitcoin reached a three-month high, briefly rising above $70,000 and coming within 5% of its all-time high of $73,700. Over the past 24 hours, BTC has increased by 2.7%, currently trading at around $69,900.

Wall Street insiders predict that a Trump victory could propel Bitcoin past $75,000 on Election Day, with a potential year-end peak of $125,000 if the Republicans gain control of Congress. In contrast, if the Democrats, led by Harris, win, Bitcoin might see a temporary dip, but it could still reach a historic high of around $75,000 by the end of the year.

In a CNBC interview, Matthew Sigel pointed out that Bitcoin’s current "bullish setup" ahead of next week’s US election is reminiscent of late 2020, when the cryptocurrency saw a 120% price surge over two months. He added that this pattern could signal a strong rally following the election results, similar to what was observed in 2020. Sigel also predicts that Bitcoin could become a reserve asset by 2050, reaching a valuation of $3 million.

Sigel further mentioned that Republican candidate Donald Trump is seen as the more crypto-friendly of the two main contenders, given his consistent support for cryptocurrencies, including Bitcoin. In contrast, Democratic candidate Kamala Harris has not made any specific remarks regarding crypto.

According to Polymarket data, Trump currently leads the election odds with a 65% probability, compared to Harris’ 34%, suggesting that bettors are increasingly expecting a Republican victory on November 5.

The election is seen as a major catalyst for Bitcoin, with investors hoping that a potential Trump win could provide a significant boost to the crypto industry.

This optimistic sentiment likely contributed to last week’s massive inflows into digital asset ETFs, totaling $901 million. October’s total ETF inflows have now surpassed $3 billion.

The majority of last week’s inflows were driven by Bitcoin ETFs, which recorded $920 million in inflows, with $906 million coming from US investors.

However, Ethereum ETFs continued to face outflows, totaling $35 million last week, despite a generally positive outlook from investors.

Also, from October 16, the chart indicates significant net inflows into Bitcoin Spot ETFs. Starting on October 16, there was a total inflow of +6.81K BTC, with subsequent inflows increasing on October 17 to +7.00K BTC. On October 18, there was a slightly lower but still substantial inflow of +4.06K BTC.

However, on October 22, there was a net outflow of -1.30K BTC. The inflows resumed on October 23 with +2.94K BTC and continued with +2.82K BTC on October 24. The trend strengthened towards October 25 and 28, with total inflows of +5.88K BTC and +6.95K BTC, respectively, demonstrating robust investor interest in Bitcoin Spot ETFs over this period.