Spot Bitcoin exchange-traded funds (ETFs) experienced a historic $1.38 billion inflow on November 7, marking the largest single-day entry since their inception in January. This surge in inflows followed Donald Trump's victory in the US presidential election, which has been interpreted by investors as a potentially positive signal for the cryptocurrency industry.
Leading the charge in these remarkable inflows was BlackRock, the world's largest asset manager, which accumulated $1.11 billion. Close behind was Bitwise’s Bitcoin ETF (BITB), witnessing a $190 million inflow. Notably, these inflows occurred a day after Trump's election victory, hinting at a more favorable regulatory environment for cryptocurrencies.
Bitcoin's price has also responded positively, reaching a new all-time high of $76,943. The recent Federal Reserve's decision to cut interest rates by 25 basis points contributed to this price surge. Predictions suggest Bitcoin could rise even further to $100,000 or higher, according to data from the Pi Cycle Top indicator by Glassnode.
Bitcoin is now trading within an ascending channel pattern, suggesting potential price increases to $80,066 in the short term, provided the ETF inflow momentum continues. However, if there is a pullback to $71,484, the situation might change, with possible declines to $66,650.
