Bitcoin (BTC) had a great October. Although in recent days he threatened to break his record of US$73,737.94 what did he know play last March 14 and it was close to surpassing it, the largest cryptocurrency by marketcap found resistance near its maximum and it advanced 4.8% in the week. However, throughout the month it rose more than 15%, so the balance is more than positive.
Ethereum, for his part, It had a performance not as good as that of BTCin the last week It gained just over 1% and the monthly balance left fans of this token with a 2% positive balance. On the positive side, the second most famous cryptocurrency holds the key value of $2,500. Other altcoins presented a mixed trend in October, Solana climbed more than 10% in the month, but Avalanche and Cardano closed in the red with a 10.9% balance in the red and 8.9%, respectively, reported a report from Buenbit.
Bitcoin ETFs to the Rescue Bitcoin Exchange-Traded Funds (ETFs) are exchange-traded investment funds that allow investors to gain exposure to the price of BTC without needing to own the cryptocurrency directly. These instruments work like any other exchange-traded fund: they are bought and sold on traditional stock exchanges, which facilitates access to the crypto market through regulated financial tools known to traditional investors.
In this context, Bitcoin’s good performance came from the ETFs. It happens that last Wednesday they recorded impressive net inflows of $893.21 million, the second highest total recorded to date.
BlackRock’s iShares Bitcoin Trust (IBIT) led with more than $872 million in net inflows, the highest daily figure since its launch in January, surpassing the previous record set on March 12, according to data from SoSoValue.
The total trading volume of these Bitcoin ETFs reached US$1.97 billion, although this figure was lower than the previous day’s volume of US$4.75 billion. However, the week’s strong inflows raised the cumulative total of net inflows into US Bitcoin ETFs to $24.18 billion, underscoring continued strong interest in digital asset funds.
From BuenBit we estimate that this is due to the fact that the upcoming presidential election in that country on November 5th drives investments in BTC ETFs, as investors seek to protect themselves against possible changes in both economic and fiscal policies.
Cryptocurrencies: the choice in the prediction market
And the political landscape reflects divided expectations, with the Polymarket betting platform showing former President Donald Trump in the lead, while polling data from FiveThirtyEight gives a slight advantage to Vice President Kamala Harris over the Republican candidate.
Uncertainty around leadership and policy direction increases Bitcoin’s appeal as a relatively stable investment in the face of potential economic changes.
Bitcoin price movements also reflect market enthusiasm. On Wednesday, Bitcoin was trading at $72,300, down slightly by 0.28% but close to its all-time high of around $73,500 reached earlier in the week.
The broader market now awaits upcoming Federal Reserve decisions and Big Tech earnings reports, scheduled shortly after the election, for further market signals.
Source: Ambito
I am an author and journalist who has worked in the entertainment industry for over a decade. I currently work as a news editor at a major news website, and my focus is on covering the latest trends in entertainment. I also write occasional pieces for other outlets, and have authored two books about the entertainment industry.
