Investors are increasingly pouring money into Bitcoin-tracking funds. The trend is fueled by expectations of a second presidential term for Donald Trump
Investors are piling into Bitcoin (CRYPTO: BTC) ETFs as they anticipate a second term for Donald Trump, who they believe will be favorable to the cryptocurrency.
What Happened: According to data from ETF.com, ETFs tracking the spot price of Bitcoin saw net inflows of $917.2 million on Wednesday. This marks the largest single-day net inflows for any ETF this year.
The largest spot Bitcoin ETF by assets under management, the iShares Bitcoin Trust ETF (NYSE:IBTC), saw net inflows of $872 million on Wednesday. This is the highest single-day net inflows for the ETF since it began trading in January.
Bitcoin rose 12% in October, which is helping to drive investor interest in ETFs tracking the world's largest cryptocurrency.
Related Link: 5 Things To Know About Bitcoin ETF Approvals And What's Next
Why It Matters: Analysts at Ryze Labs said the increasing possibility of a Republican sweep is boosting hopes for crypto-friendly legislation in Congress after the election.
Polls show a close race between Trump and Democrat Kamala Harris, but betting sites like Polymarket are giving Trump the better odds of winning.
The political uncertainty is also leading investors to brace for a volatile election week, according to futures markets data.
Crypto markets are pricing in possible daily price swings of around 3.7% in either direction for Bitcoin until November 8, according to data from crypto derivatives exchange Deribit.
Open interest on crypto derivatives exchanges, which shows the amount of activity in the market, hit a record high of $43.61 billion on Tuesday, according to data provider Coinglass.
Despite the expected volatility, Deribit CEO Luuk Strijers said traders are expecting the choppiness to subside and for Bitcoin to continue rallying after election week.
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