Analyst: The influx of substantial funds into the spot Bitcoin ETF drives the rise of cryptocurrency
BTC Markets cryptocurrency analyst Rachael Lucas stated, "One of the main drivers of Bitcoin's rise is the massive inflow of funds into spot Bitcoin ETFs." According to SoSoValue data, U.S. spot Bitcoin ETF recorded a net inflow for the eleventh consecutive day on Friday, with BlackRock's IBIT accumulating nearly $19 billion in net inflows. Meanwhile, Bitcoin's gains seem to be influenced by President Biden announcing that he will not participate in the upcoming November presidential election, which could increase the likelihood of Republican candidate Trump who supports cryptocurrencies winning.
Although Biden supports Vice President Kamala Harris succeeding him as the Democratic nominee, Harris has yet to express her stance on supporting or opposing the cryptocurrency industry. Rachael Lucas said that market trends may still be affected by Mt.Gox's outstanding repayments and there may still be short-term variables in the market.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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