Why Is BlackRock Buying Bitcoin Ahead of US Election 2024?
BlackRock, Fidelity and other institutions are buying Bitcoin. BlackRock's recent spot Bitcoin ETF, IBIT, set a record on October 30, with the largest one-day inflow since its launch in January, at $875 million. This record inflow surpassed the $849 million high set by IBIT in March and marked the fund's 13th consecutive positive inflow.
During this impressive run, the fund has raised nearly $4.08 billion in new investments, as institutional appetite continues to expand through traditional financial instruments.
Breaking records of massive ETF earnings
Bloomberg analyst James Steffert believes the last 13 days have been the toughest, with 12 of the 13 days seeing outflows and total revenue of about $5 billion. He said some of this could be related to rising prices and some to Trump's chances of victory.
Interestingly, despite the fact that it is not guaranteed and there is high interest in these ETFs, a Trump victory is being priced out.
However, Ethereum on the other hand is not seeing the same demand at the institutional level. The difference between Bitcoin and Ethereum was very important.
There is not much demand for Ethereum ETFs. He suggested that one of the reasons may be because Ethereum is complex, while people perceive Bitcoin as digital gold and digital store value to be too simple. He believes that the investors are not ready and complete to understand what is going on there.
Why is the 10-year yield on US government bonds rising?
The bond market is rising because of people's lack of confidence in the short-term economy. Eric Deaton, president and managing director of Wealth Alliance, said that ‘gold and bitcoin have to go further' because “there is no plan to deal with this 35 trillion dollar debt and growth”. Although he has been listening to both candidates, he said, “I haven't heard any talk of any spending cuts.”
Best time to buy BTC?
Matt Hougan said in a recent interview that this is the single best time to invest in Bitcoin from a risk-adjusted perspective. He underlined that institutional adoption activity is the biggest driver of Bitcoin, which he looks forward to in 2025 predictions. He explained that all the existential concerns of Bitcoin are washed away, and the biggest trigger is the movement of institutional adoption, with 800 million ETFs, in one day, in one day, and he believes that this is a wave of movement in institutional assets. Space.
what do you think? Will Bitcoin end its path soon or will it have more ways to break its previous all-time high? Follow it up.
